September 27, 2023
Doomsday For Buyers
Housing inventory has decreased significantly due to the market favoring sellers, leaving buyers at a crossroads. Their options have become limited. In recent years, many people have preferred move-in ready homes rather than fixer-uppers or new builds.
The 2023 housing market has plummeted by approximately 46%, significantly below the historical average. This has resulted in a “shortage of homes,” forcing buyers to search for available properties before pursuing their dream homes.
When the housing market is in a downturn, it’s the best time to sell, as people become more desperate and are often willing to pay higher prices. This leads to multiple offers and reduced time on the market.
According to a recent industry report, 77% of buyers wouldn’t consider purchasing a home that isn’t move-in ready, meaning an unfinished property. However, buyers also tend to avoid outdated homes, making it even more challenging for them to find a suitable property.
At SRG, we collaborate with other agents and gain access to insider information, which enables us to assist buyers in finding their dream homes.