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Why is it so hard to buy homes these days?

 


Why is it so hard to buy homes these days?  We know that the current real estate market heavily favors the seller, and it has been like that for quite some time.  Home prices have gone up so much and, to make matters worse, so have the mortgages rates in recent years!  Why is it so hard to buy homes?  The real estate market is a function of supply and demand; we just have way more buyers than sellers!  According to Lawrence Yun, Chief Economist of National Association of Realtors, we will need double the number of listings to comfortably meet the demand of home buyers. This indicates to me that it is going to be a while before the real estate market normalizes back to pre-pandemic years…, so buyers can negotiate the purchase of home without getting caught up in multiple offer situations.

Wishing you all the best in your real estate journey,

Young Jin Chun 

 

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