If you’re thinking about buying a house, you’re probably focused on finding something that fits your lifestyle but doesn’t blow a hole in your budget. In short, you want to find the best house for your money. In a market where there are too few homes for sale, though, this can be difficult. That’s because a lack of homes for sale means more competition, bidding wars, and fewer choices. Fortunately, though many markets are suffering from a lack of inventory, Fannie Mae’s Economic and Strategic Research Group sees change on the horizon. According to their most recent housing market forecast, they expect new and existing home sales to improve through the rest of the year due to increasing inventory. Doug Duncan, Fannie Mae’s vice president and chief economist, says too few homes for sale has been the main factor holding sales back. “While home price appreciation has largely moderated – particularly compared to the recent past – and demand for modestly priced homes has proven strong and resilient, the lack of affordable inventory continues to cap sales and limit the potential pool of would-be homeowners,” Duncan said. But as inventory improves and price increases continue to slow, home buyers will have an easier time finding a house that fits their needs and budget. More here.
Inventory, Sales Expected To Improve This Year