Buying Your First Home is getting harder every day. The price of homes is steadily increasing as inflation sets in. Lumber prices are out of sight right now. Labor costs are spiraling. There is a shortage of materials, a shortage of workers, and most definitely a shortage of homes.
Realtors have known for decades there was a shortage of median priced homes, and first time home buyers have a real challenge. Home builders that were forced out the business during the great recession have not come back, making new construction more scarce than it was before. Many independent builders only build expensive custom homes, leaving the average family out in the cold.
Now, with inflation rearing its ugly head, things are even worse. There is currently a seller's market like nothing we've ever seen before. Millenials are buying instead of renting. More people are moving to new locations, and many people are buying larger homes to accommodate remote learning and work. These are the things driving sales and prices up.
What can you do to compete? Educate yourself first, be prepared when you go home shopping. My newest book, 'Buying Your First Home, A Step-by-Step Guide from Dreams to Reality' can help. Check it out on Amazon.com. It's available in print, e-book, or Kindle Unlimited. Good luck finding and buying your first home!
Ricki McCallum CastNet Realty CastNet Press