During the past three years, demand for houses has soared, and there is not enough supply to satisfy the demand. Because of this, many prices for houses have skyrocketed over the years, making it harder for many buyers to be able to afford them. However, high costs and low inventory have not stopped buyers from purchasing expensive houses even during the pandemic.
But why is this happening? And what can you do to make sure that you are not late to buy your first house? Read on to know more!
Covid Has Impacted The Real Estate Industry, And Demand For Houses Has Not Slowed Down
It is undeniable that the pandemic has affected the real estate industry in many ways. With many homeowners working remotely and not needing to drive to their office anymore, many have decided to move away from where they lived to more desirable places.
Many people have time to look at homes and decide which one they have to buy without waiting for vacation time to track the homes they like and did not like. As a result, there is low inventory because everyone wants to buy a house right now. They have the opportunity and the time, and it takes away from the industry as a whole.
Many buyers had to compromise the house of their dreams or their desired size because they could not find many houses that met their criteria due to low inventory. However, according to Rocket Mortgage, this is positively affecting sellers since they sell their houses at a more expensive rate than before. But it is also negatively affecting them because many buyers are looking specifically for houses that fit their needs.
Buyers are Giving Up on Their Specific Needs In Order To Find a House That Fits Their Needs
Even with low inventory, the sale of houses has not slowed down during these past two years. According to Forbes, home sales were up 8% year after year, making it one of the fastest years for pending house sales. Due to this, many buyers are buying houses that do not meet their criteria as a whole. Instead, they are looking for houses that fit their needs the most.
Many Sellers Find It Hard To Sell Their Houses At High Prices
Although house sellers benefit from the high prices of houses, it is also negatively affecting many of them that cannot reduce the price of their houses, which tends to result in fewer people wanting to buy them for what they have.
Because of this, many of them are resorting to selling their houses to cash buyers such as Trubuyers to receive quick cash without having to wait months for interested buyers to show up. This is one of the securest and most popular ways that many sellers are utilizing to sell their house quickly, without having to be affected by the industry’s current state.
Sell To a Cash Buyer Like Truebuyers
If you expect to market your house and receive an offer from us, make sure to contact us at Tru Buyers. We buy houses in Georgia and anywhere nationwide!