When shopping for a home to buy, most buyers look at multiple options before making an offer. It’s not likely that the very first house you see will check every box on your wishlist. Which is why the current market’s inventory problem is an issue for buyers. In addition to higher prices, bidding wars, and competition, a lower-than-normal number of homes for sale also means fewer options for home shoppers. And, according to one new report from the National Association of Realtors’ consumer website, homes for sale fell even further in March. In fact, the number of homes available for sale was down 52 percent from last year at the same time. Danielle Hale, the website’s chief economist, says inventory is low but more sellers should be on the way soon. “In many areas of the country, there are half as many available homes for sale than a year ago – and in some markets that number increases to less than one third,” Hale said. “We expect to see more sellers emerge in the weeks ahead, which should give buyers more options.” (source)
