Many markets are seeing a decrease in the amount of homes for sale, thus leaving prospective buyers with plenty of competition for the same home. Analysts believe that this shortage in supply is caused by homeowners unwilling to list their home for a price that is less than what they had originally purchased it for. Some economists believe that the inventory is being held low because previously foreclosed homes have failed to be listed by Fannie Mae & Freddie Mac and banks that currently own them.
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| Courtesy of the Wall Street Journal
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But why so many buyers now? Rent prices are currently on the rise while mortgage rates are still at record lows. According to the Wall Street Journal, the monthly mortgage payment on a median-priced home is lower than any time since the 1990s. It is still most certainly the time to buy.
Read the full Wall Street Journal article
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