We've written about this time and time again here: the housing market is recovering from the crash in years past and that means two things:
1. Buyers are looking to get back into the market, and they are snatching up homes quickly.
2. There are relatively few homes for sale in comparison to the number of buyers looking to purchase.
So, if you are a buyer, you are probably wondering how long it will be until the supply catches up to the demand. There are a few factors to consider when trying to make a prediction.
First, it is a safe assumption that as home prices are rising, more sellers will be interested in putting their homes on the market. This will of course increase inventory, but these people will also be purchasing a home, so there is no real gain.
The second thing to consider is home construction. When the market crashed, there was a surplus of homes, but now they have been bought up and builders may need to start planning for more properties.
And because these two major options are seemingly not very fruitful, it might be safe to assume that inventory will struggle to meet demand for some time.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.