Homebuyers face ‘most competitive market in recorded history’

Rising real estate costs, demographics shifts, and low inventory have hamstrung homebuyers for years. But according to Danielle Hale, chief economist for Realtor.com, this spring buying season may bring buyer frustration to a boil.

“I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history,” says Hale. “There’s record low inventory and strong interest from buyers in getting into the housing market. There are a lot of buyers, and not a lot of sellers.”

According to Hale and other economists and real estate industry observers, many factors have created this “imperfect storm” of high demand and low supply. Underbuilding had been a key factor, due to cost, labor shortages, and zoning and regulatory barriers to new construction.

“We’ve been paying the bill for underbuilding for some time, and every year, it gets worse,” she says. “We’re not only not keeping up, we’re falling further behind.”

This excerpt taken from Curbed.com to read more please click HERE.

About Stacy Schnellhttps://buyandsellhomesnj.wordpress.comI am a Realtor Salesperson with Berkshire Hathaway - Fox and Roach Realtors & The Scott Sheppard Team in Vineland , New Jersey. Being a lifelong resident my roots are deeply invested in Cumberland County and the South Jersey area. I specialize in supporting all of my clients with the purchase or sale of residential homes in Cumberland , Gloucester , Salem and Atlantic Counties. My real estate background allows me to produce cutting edge techniques and has given me the knowledge needed to ensure a positive and even enjoyable experience. Along with my real estate background I also have experience in marketing technology and in the mortgage industry.