If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. Inventory right here in the Old Pueblo and across the US is at an all time low according to the National Association of Realtors. There are, however, more homes expected to hit the market later this year. Let’s break down the three key places they’ll likely come from as 2021 continues on.
The First are Homeowners Who Didn't Sell This Year.
In 2020, many sellers decided to pause their moving plans for a number of different reasons. From health concerns about the pandemic to financial uncertainty, plenty of homeowners decided not to move last year.
Now that vaccines are being distributed and there’s a light at the end of the COVID tunnel, it should bring some peace of mind to many potential sellers.
“Fortunately for would-be homebuyers, we expect sellers to return to the market as we see improvement in the economy and progress against the coronavirus.”
Many of the homeowners who decided not to sell in 2020 will enter the market later this year as they begin to feel more comfortable showing their house in person, understanding their financial situation, and simply having more security in life.
The Second Source of Housing Inventory Will Come From Builders
“According to the National association of home builders 2021 will be the first year for which total single-family construction will exceed 1 million starts since the Great Recession.”
The biggest problems facing builders today is a shortage of materials and labor such as carpenters, roofers, & electricians to name just a few. But With more houses being built the buyers of the new homes will need to sell their current houses, It sets a simple chain reaction in motion for hopeful buyers.
The Last Source Of Inventory WAS Expected To Be Those Impacted Financially By The Economic Crisis
However, Now Many experts don’t anticipate a large wave of foreclosures coming to the market, because the Consumer Finance Protection bureau plans to protect homeowners by Banning Foreclosure until 2022.
“Given the huge price gains recently, I don’t think many homes will have to go to foreclosure…I think homes will just be sold, and there will be cash left over for the seller, even in a distressed situation. So that’s a bit of a silver lining in that we don’t expect a massive sale of distressed properties.
Whatever way you look at the Tucson’s housing market we know that demand is high and supply is low, so if you’re thinking of moving, it’s a great time to do so. There are likely many buyers who are looking for a home just like yours, and there are options coming for you to find a new house too.
Let’s connect today to see how you can benefit from the opportunities available in our local market.