Are you wondering where all the median price homes are these days? It's seems that all my buyers that are looking for homes between $200,000-$300,000 they fly off the market almost instantly like a Harry Potter vanishing spell. It's been so frustrating
but let's look at some of the reasons why:
Homebuilders are playing catch up - before COIVD-19 homebuilders were trying to meet demand for homes under
$300,000. Shutdowns in construction have delayed new inventory and made materials harder to obtain.
Land Prices Rising - to make a profit on more-affordable homes, homebuilders are focusing on building in
cities' outer areas where land is cheaper. But land prices are on the rise everywhere, there's less affordable areas and this only accelerated during COVID-19.
Millennials are in the Market - more first-time homebuyers means more competition on affordable homes.
Millennials have more education and job security, so they are less likely to be affected by the pandemic's economic effects.
Prospective homebuyers are not affected - The pandemic's economic effects are strongly felt by renters
and low-wage earners. In general, most people shopping for homes are still employed and working from home.
COVID-19 has created new preferences-
Many homebuyers are looking further away from cities to afford larger homes with more space like yards and home offices.
LOW INTEREST RATES - homebuyers want to take advantage of the historically low rates before they begin
Home Prices are and WILL KEEP rising!
Buying now may mean your home will be worth more sooner.
Source: Texas Realtor | November 2020
If you are thinking about buying, the time cannot be any better! Give me a call at 817-875-1236 or email me at email@example.com and let's talk about how we can find your dream home.
Take care and stay safe,