After years of sustained economic growth, the American housing market is facing a crucial problem: inventory is hard to come by. A multitude of factors, ranging from the difficulty in obtaining mortgages to the changing tastes of homebuyers, have resulted in current housing supply levels being less than optimal. This situation, if not addressed soon, threatens to impede the further expansion of America’s economy.
In order for new housing supply to be generated, existing homeowners will have to play a vital role. The need to upgrade their living conditions, in light of changing family size or lifestyle, could prompt existing homeowners to enter the market. In other words, they must trade-up their existing homes in favour of new ones. This would provide greater opportunities for both buyers and sellers.
In summary:
• Housing market inventory is low, leading to a potential economic stunting
• Existing homeowners need to upgrade their living conditions in order to increase housing supply
• This could provide more opportunities to both buyers and sellers
You can read this full article at: https://www.housingwire.com/articles/the-hunt-for-housing-inventory-is-in-full-safari-mode/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
