Reality of Realty: Navigating the Housing Inventory Shortage: What Homebuyers and Renters Need to Know

By: Valerie Davenport

[TRANSCRIPT]

Hey future homeowners, welcome back to my channel, Reality of Realty; I’m Valerie Davenport. And, as your trusted real estate guide, today we’re talking about housing inventory. Whether you're looking to buy your first home or find a rental, you’ve likely encountered the challenge of limited options. But why is there such a shortage, and how can you navigate it! 

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And,whether you’re moving across the nation or across the street, tap into my resources by emailing me today using the email in the description box below. Now let’s get into the video.

Hi everyone, welcome back to my channel! 

Hey there, future homeowners and renters! If you’ve been house-hunting lately, you’ve probably noticed that the housing market is tough right now. Whether you're looking to buy or rent, it seems like there aren’t enough homes to go around. Today, I’m going to talk about why that’s happening and give you a few tips to help you navigate this housing shortage.

So, why is there a shortage of homes available? Well, there are a few key reasons for this.

First, we have to talk about the post-pandemic construction delays. Builders faced major issues with supply chains and labor shortages during and after the pandemic, and even though construction has picked up, it’s still not fast enough to meet the huge demand out there.

Next, we’re seeing high demand for rentals. With rising mortgage rates and home prices, a lot of buyers are holding off on purchasing a home. That means more people are renting, which puts even more pressure on the rental market. So, if you're a renter, you've probably noticed fewer options and higher prices.

Lastly, many current homeowners are staying put. With mortgage rates hovering around 6-8%, people are choosing to hang on to their low-rate mortgages rather than selling and taking on a higher rate. This means fewer homes are hitting the market, leaving both buyers and renters with limited choices.

So, what does this mean for you as a homebuyer or renter? For homebuyers, this inventory shortage means fewer options, more competition, and rising prices. It’s not uncommon for homes to sell quickly, often above the asking price, so you’ll need to be prepared to act fast.

For renters, it’s a similar story. Fewer rental options, higher rents, and increased competition from other renters, plus some properties are being turned into vacation rentals by investors, which makes the market even tighter.

But don’t worry — there are ways to navigate this tough market. Here are some tips to help you out:

First, consider expanding your search area. If you're set on buying, you might find more options — and better prices — in secondary markets or less popular areas.

Next, be prepared to act quickly. Make sure your financing is pre-approved and you’re ready to make competitive offers when you find a property that fits your needs.

Also, don’t forget about new construction. While it might take some time, many developers are ramping up construction of new homes, especially in multi-family developments. This could be a great option if you can’t find something on the resale market.

Finally, working with a knowledgeable Realtor can make all the difference. We can help you stay on top of new listings, guide you through competitive offers, and find the best opportunities in this challenging market.

The inventory shortage might be tough, but it doesn’t have to stop you from finding the perfect home or rental. By staying flexible and informed, you’ll have an edge in securing a place that meets your needs. If you’re ready to start your search or have any questions about the current market, feel free to reach out. I’m here to help you find the right home, even in a tight market!

So that’s it for today’s video. I’ll wrap it up here by saying thanks for tuning in to the very end! If you found this info helpful, don't forget to like, share and subscribe, and hit that notification bell for more real estate insights. Until next time, happy house hunting!