Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

Send me a message

Home Buyers Can Expect Available Homes Scarcity To Continue

Perhaps you've been searching for a home and are frustrated with the lack of selection. In quite a few areas of Chicago where buyers want to live, there are few homes for sale in the most popular price ranges. According to industry experts, this situation is not likely to change any time soon.

The factors that are contributing to the overall lack of homes for sale are complex economic issues that are going to take time to change.  Or perhaps this is our new normal. To find a home in the area where you want to live, some compromise on price, amenities and condition may be necessary. 

Let's take a look at some of the reasons low housing inventories are prevalent in Chicago and elsewhere, and why demand will continue to outpace supply for the foreseeable future.

The housing market traditionally counted on sellers that were trading up to larger homes as their families grew.  However, because of factors such as more stringent lending requirements, lost value from the housing crisis, and rising debt, many would-be move-up buyers are staying put. Recent studies have also revealed that the Baby Boomer generation is not retiring as soon as the previous generation, and many are choosing not to move from their family homes. 

Builders are not investing in starter homes, primarily because of the rising cost of new home construction. It's just too expensive to build affordable homes in many areas because of the cost of materials and a shortage of labor.  

To read more about this subject, here is an interesting post by OC Housing News: http://ochousingnews.com/expect-low-sale-house-inventory-many-years/