Is there a housing shortage?

Many experts are saying that there is a housing shortage, which means that the inventory is low compared to the population demands. As inventory is low and demand is up then usually prices follow the demand.

Yes there is. Want to sell your home?

The number of homes available is much lower than previous years. Several reason for the current shortage: -Rising interest rates has paused homeowners from selling or moving up. - Building restrictions on new home constructions has made it challenging limiting the supply of new homes. High cost of building materials and home prices has paused the rush for new homes. -The supply chain for building materials, which has led to delays in new construction and renovations Home prices have been rising rapidly in many areas, making it more difficult for some people to afford a home

Justin - a housing shortage means there are more buyers than homes for sale, so there are not enough homes for every buyer looking to purchase. Here in Fernandina Beach, Nassau County, Florida, we see low inventory, and sellers may still receive multiple home offers.

Justin yes or no, it depends on your area. Every city has a different market trends. Your Realtor should be able to help identify what type of market your area is in. There's a lot of data to look at when determining whether you're market is in a housing shortage or not. This is called inventory and generally 6 months of inventory is considered a balanced market. Less than that is considered a seller's market and more is considered a buyer's market.