Record low house inventories pose challenges for Michigan home buyers — Here’s what you need to do
Limited home inventory makes it difficult for Michigan buyers to purchase
If you are preparing to buy a home now, you need to be prepared as stocks are low.
DETROIT (FOX 2) – – Michigan housing stocks are at record lows, which means you need to be prepared if you want to buy now.
Jeanette Schneider of Remax in southeast Michigan said there are a limited number of homes in the market, making it harder to find one to buy. Schneider said she currently has about a month’s worth of inventory.
According to Schneider, this means, “If nothing else changes, if nothing else changes in the market – no other houses came on the market, no more buyers, everything that was out there would sell and it would in 30 days literally no more houses. ” for anyone who even deals with the purchase. We’re so close right now. “
Schneider names several reasons why there are so few houses.
The short answer is the pandemic, “she said.” The real answer is that you have a lot of baby boomers who are currently homeowners and for either their own health they are a little sluggish from people who come and are in their homes choosing to just not market it or if they are on the upper end of the age spectrum for boomers they are definitely not interested in moving to a nursing home or assisted living so it is you who choose to stay there and maybe get extra help around the house to get. “
Schneider also said that people who have refinanced contribute to the inventory problem.
If you are looking to buy a home now, you need to be prepared and act quickly. According to Schneider, in the current marketplace, once you see one that you like, you don’t have much time to decide on a home offer.
“You have to be so prepared,” said Schneider. “Financially prepared so you have your pre-approval. You know exactly what you can afford. You also need to be prepared for exactly what you are looking for, as in most markets you probably don’t have the luxury of going home and.. sleep on it, think about it, talk about it with a partner or spouse. You’re going to have to make a pretty quick decision when you see a house that is an offer to make. “