Fewer Homes For Sale is Creating Fierce Competition Between Buyers

The housing market is quickly recovering from the ‘shelter in place’ orders brought about by the efforts to reduce the spread of the coronavirus. A recent Lending Tree survey indicates that 53% of would be homebuyers are more likely to buy a home in the next year because of the COVID-19 pandemic, with respondents saying they’re either tired of living in cramped quarters or since they now can work remotely they can live anywhere. Chris Stuart, CEO and president of Berkshire Hathaway HomeServices and CEO of HSF Affiliates, said, the lack of available housing is “the biggest pain spot at the moment as a result of the pandemic.” Stuart pointed out that in contrast to 2008 and 2009, when there was 10 months of inventory, the nation has only about three months right now. As a result, he is seeing several real estate markets heat up. Now with more would be homebuyers enter the market and fewer homes on the market for sale, competition is going to be fierce in many markets.