Why Are There Not Enough Homes for Sale?
Filed under: Real Estate Market
What is up with 32-year-olds messing up our housing inventory? It’s true that our current housing inventory issues can be affected by first-time homebuyers. Today, I want to break this down so you can understand what is going on in the real estate industry.
Most Common Age to Buy a Home
32 is the age of the typical homebuyer. To explain it in a different way: more homebuyers are age 32 than any other age. There are more people turning 32 now than ever in history.
So, what is happening? A lot of younger people that were living with family or relatives longer are now coming into the marketplace and buying homes. The millennial generation is having kids, and they are jumping into the market full-force. They are the largest buying population.
Unfortunately, we don’t have enough homes for them. There are more people looking for homes available to buy than there are homeowners who are ready to sell.
My Situation is an Example
One thing I want to point out: looking at my own situation. I’m in a house that I could upgrade, but I don’t absolutely have to upgrade. My fear right now is that I don’t know if I can find something on the buy side to purchase. But I know that I can sell my current home very quickly for top-dollar.
A lot of other homeowners are in the same predicament. Therefore, I feel like inventory may be tight for some time.
Also, home builders are trying to keep up with demand. It’s the perfect storm for home builders, but they just can’t keep up fast enough.
Inventory is Driving the Housing Market
I believe that inventory is driving the housing market. Until we can solve this problem somehow, we are probably going to have more of the same for the near future.
If you have questions about the best strategy for buying or selling a home in this current real estate market, feel free to call or text me any time. My team offers full-service solutions for Temecula real estate. You can reach me at (951) 473-0390 or [email protected].