The real estate market is still experiencing a high demand for housing but a low supply of available properties. This has led to an increase in property values, as buyers compete for a limited number of homes. In many areas, this has created a seller’s market, where buyers are willing to pay a premium to secure a property. The lack of supply is due to several factors, including a shortage of new construction, a lack of available land, and homeowners’ reluctance to sell because they are locked into such a good interest rate.
Rates have risen over the last 12 months, but the housing demand remains high as life will continue to go on regardless of interest rates and other factors. Job transfers, growing families, and many other life events come into play that will keep demand high. Until the supply catches up with demand this trend will continue.
Suburban homebuyers are a significant demographic in the current real estate market. Many people are looking to move away from urban areas and into the suburbs, attracted by larger homes, more outdoor space, and quieter neighborhoods.
