Housing Shortage?

[Anonymous]

I cannot believe people are buying houses and there is a shortage of houses for sale.

• What am I missing?
• From the media people are struggling to pay rent and mortgages!!!
• I want to know the secret so I can go rent a tiny cottage in Virginia. Lol, tired of my cute but noisey studio apartment thanks to my upstairs neighbors from hell.

[GailL1]

SOME people have been affected by the economic fallout of the Pandemic; many haven't - they maybe working from home, having their kids there remote learning -  This has been a year where they aren't spending the way they were before - not eating out as much, vacationing,not shopping as much . . . . so they have been paying off debt and saving.  They have time to also look around for the home of their choice since many of the kids aren't in school.

Early on, and it still maybe the case, people were leaving many of the urban areas where the virus was raging and looking for a less populated area.

Even many of those who are unemployed due to the Pandemic are getting bonus unemployment so they may also be able to pay down some debt if they are good budgeters.

The Housing inventory was already down before the Pandemic started  (seller market) and it hasn't gotten too much better.  Homes that go on the market in many areas are again subject to a bidding war by interested buyers.  So they are escalating much like the housing boom days.

None of this affects rentals very much -

[Anonymous]

@GailL1 I appreciate you stopping by to join our discussion 🙂