Home Shortages in Houston – How it Affects Buyers
What you need to know
The pandemic changed a lot in our lives, much of what we could predict, but how it affects homebuyers is something many people can’t believe and never predicted.
It’s true, there is a home shortage in Houston and the rest of the country. There are many more buyers than sellers, which makes it hard for many buyers to secure a home. Unless you have the highest bid, or all cash to buy the home, you’re likely going up against many other buyers and the outcome may not be what you hoped.
The housing shortage affects everyone.
Why is There a Home Shortage in Houston?
It’s complicated. It may not be a rush at all, but rather the easing up on stay-at-home orders. For a few months, no one could do anything, then as the restrictions eased, sellers were hesitant to let anyone in their homes. They still are, but some are slowly putting their homes up for sale.
Now here’s the real problem. There aren’t as many sellers. More people are aging in place. In other words, they aren’t moving. They aren’t selling their homes to move into assisted living or nursing homes – instead, they stay where they are and bring in the support they need.
Why the Rush to Buy Homes?
Now you probably wonder, why would anyone rush to buy a home right now? We’re still in the midst of a pandemic, what’s the rush?
It’s twofold:
- Mortgage rates are at an all-time low – Mortgage rates are lower than we’ve seen them in decades. Some borrowers secure rates as low as 2%. That’s hard to pass up whether you’re a first-time homebuyer or subsequent buyer.
- Buyers want to avoid a hike in prices – As word of the housing shortage in Houston spreads, buyers are jumping on the bandwagon as fast as they can. Anyone who thought about buying but put it on the back burner is now buying for fear of rising prices.
How Does the Housing Shortage Affect You?
The housing shortage may have many effects on you.
First, it may be hard to find a home. With fewer sellers listing their homes for sale, you have to know quickly when a house hits the market. It’s not unusual for homes to sell in as little as 24 hours today!
Second, you may find yourself in a bidding war, bidding more than you anticipated for a home. Acting fast and knowing how much you can afford is important so that you can get the home you want at the price you can afford.
If you’re looking for a home in Houston surrounding areas , we can help! Working with a qualified real estate agent that works quickly, notifies you right away of newly listed homes and helps you make the most attractive bid is the best way to ensure you win the bid on your dream home even during the housing shortage in Houston. Call us today and let’s get started!
