Tough Season Predicted for Homebuyers

Homebuyers in most parts of the country are likely to face some amount of difficulty when trying to make home purchases this Spring. This, despite the fact that the various housing markets across the country are showing signs of growth and progress.

Though the market is improving overall in most areas, by way of more closed sales and increased pending sales, the amount of homes available for sale is not sufficient to satisfy the demand in most markets. Therefore, in most of these popular real estate markets, such as Los Angeles, there are not enough houses to satisfy the needs of the market. That is the main reason that warrants cause for concern among potential home buyers as this lack of supply will make home purchasing more competitive and challenging. Home sales have been unable to reach previous levels that were achieved prior to the housing collapse in 2008 and this is not only an issue of inventory but also an issue of housing prices. Low inventory aside, there has been an overall slowing in home prices this year. Home buyers therefore need to be aware of the challenges that they are likely to face in the housing market and be adequately prepared for these difficulties. Homebuyers working through property management in Florida are likely to experience these same challenges.

Source: floridarealtors.org