Why Are So Few Houses For Sale Now?
Q: Why Are So Few Houses For Sale Now? Stacy, Orange, NJ
A: That’s a great question, Stacy. The very low housing inventory levels we’re seeing now are due primarily to the fact that despite the fact that housing prices have steadily increased in recent years, there are still quite a few homeowners who purchased or refinanced property at the height of the last real estate market bubble and as a result have very little or no home equity–what this in turn means is that for these homeowners to be able to sell their property, they would have to reach into their pockets to pay off their mortgage debt which effectively traps them and prevents them from being able to sell even if they want to which reduces the overall number of available homes for sale.
Thanks for your question, Stacy.
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