It is an extreme seller’s market right now. More people looking to purchase homes than there are homes for sale. Very competitive tor buyers. Two reasons why supply is low:
- New home construction fell behind for the last 13 years. Builders can’t meet the average, and under building left us with an inventory deficit going into the pandemic. Kitsap County Real Estate was undervalued for many years, so as the market tightened up and prices were rising, Kitsap County became even more attractive.
- The pandemic impacted the housing market. The pandemic fueled an appreciation of the meaning of “home.” It became more important to have a secure place to live and work. Buyers looked to capitalize as interest rates dropped below 3%. Sellers were hesitant to put their home on the market because of the pandemic and this caused the supply to drop even further.
For buyers’, low inventory is challenging. Experts project more homes will become available with sellers re-entering the market. Don’t put your purchase plans on hold – stick to your search, and work through the low inventory. Patience is the key to success for buyers this year.
For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.
Serving: Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Port Ludlow and Ocean Shores.