Low inventory is the foremost issue in the housing market right now. Buyers face relentless demand for a scarce supply of reasonably priced homes. In a recent survey by the National Association of Mortgage Professionals (NAMB), fifty-eight percent of mortgage professionals cited low inventory as the biggest hurdle for homebuyers today.
The inventory dilemma has even overshadowed concerns about mortgage lending standards. These standards, which some still view as too strict, have relaxed since the early, strong-armed days post-recession. In fact, according to a recent survey by Fannie Mae, more lenders have taken steps to open up access to credit since the start of 2017, and more plan to continue to do so in the future.
Coming up with enough money for a down payment has become less of a factor, according to the NAMB survey, but remains significantly tied to affordability.
Having an experienced real estate agent is more important than ever to help buyers and sellers navigate this intensely competitive market.
Undeniably, there are fewer homes on the market—but there are also many opportunities. How will you use today’s environment to your advantage?