Home inventory low despite warmer weather

FORT WAYNE, Ind. (WANE) If you’re in the market to buy a home, there might be fewer options available right now.

Real estate experts expected the number of homes for sale to increase, as temperatures went up. However, that hasn’t been the case.

A couple of months ago, NewsChannel 15 reported fewer homes for sale due to a brutal winter.

On Memorial Day, or the unofficial start of summer, not much has changed.

“Typically, the inventory really picks up in the spring and this year for some reason, we haven’t seen that pickup,” said Zack Wilson, Broker and Co-owner of Perfect Location Realty.

According to Wilson, about 300 fewer homes in Allen County have sold this year compared to last.

“What I’m hearing from a lot of my potential clients is they’re saying June. They keep saying June, probably because school is out then and they’re still basically recuperating from the devastating winter that we had,” said Wilson.

Some other potential reasons for fewer homes being for sale include families who want to up-size are afraid to sell immediately because they can’t find anything to buy.

Also, material prices are inflated, so there are fewer new homes being built.

That’s why it’s a seller’s market.

“If you sell your house, you’ll probably get top dollar right now,” said Wilson.

Experts said some homes, especially in Northwest or Southwest Fort Wayne, will go in a matter of days.

“Especially on the cleaner homes that are pristine condition that are listed at the right price, not overpriced right now, they’re gone in a couple days sometimes so act quickly,” said Nick Meeks, Broker and Co-owner of Perfect Location Realty.

That was something Anton Babich learned the hard way.

“I wasn’t fast enough in acting on it and they pretty much went pretty quick,” said Babich.

Interest rates are about four percent. Last year, they were at three. So, that also plays a part in fewer people selling.

 

blog comments powered by Disqus