Those looking to buy a home right now are enjoying some of the lowest mortgage rates the market has ever seen.
However, they are also dealing with fierce competition from investors over a rapidly shrinking inventory.
May showed a decline in the purchase of existing homes due to the 20% drop in inventory over the last year. Specialists point out that this effect was exacerbated by the fact that the largest drop occurred specifically within the group of homes typically prices under $100,000.
In addition, areas where you would expect to find a glut of homes as a result of being particularly hard hit by foreclosures, such as Miami, are actually proving to be difficult for buyers to close deals. This is because many prospective first-time homeowners and FHA loan users are being overlooked in favor of investors who are willing to put down large cash payments of 25 percent and more.
Are you wondering if this is the right time to take advantage of the inventory shortage and get your home on the market? Contact us for a free consultation and find out!