If you are currently in the market for a new home, you know that home buyers are facing a major problem — there aren’t enough houses. Matthew Speakman, an Economist at Zillow stated, “Currently, there are fewer than three months of supply of homes on the market, the lowest on record since the turn of the century.” This means when you do finally find the home of your dreams, you are often left in a bidding war or facing a price increase that doesn’t fit within your budget. Why?
The housing market has actually been trying to keep up with demand since 2010. With the addition of more people working from home and needing bigger spaces or having the luxury of living anywhere they would like to, continued low-interest rates, and the rush of Millennials who are purchasing their first home, homes are being sold before they are even marketed.
While the market is hot, home builders face many challenges of their own. Due to skyrocketing price increases in building materials, severe supply chain constraints and shortages, city delays, etc., builders are being forced to further delay new communities and increase pricing — adding to the home shortage and entry-level home crisis.
During these unprecedented times, Landmark Homes is working diligently to prepare for these obstacles and be as transparent as possible to set proper expectations and get you into your new home. We appreciate your patience and understanding.