Right now, there is a severe shortage of affordable housing in desirable areas. This is because investors have swooped in and bought up all the best properties to either rent out or to fix and flip, leaving homebuyers without many attractive options.
First-time homebuyers, especially, have been hit hard by this trend. As they grapple with student debt and the uncertainties surrounding the future of our economy, these buyers don’t often have the means to compete with professional investors.
The luxury market, meanwhile, is a different story. As you might imagine, there are far more homes available in higher price points, but the motivation to buy is lower than once was the case.
The bottom line is that, while it’s still possible to succeed in today’s market, it will take a keen strategy for certain buyers to do so.
If you have any other questions or would like more information about what’s happening now in our real estate market, feel free to give us a call or send us an email. We look forward to hearing from you soon.