It's a Seller's Market, so Where Are All the Listings?
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- Lack of inventory. Sellers are wanting to sell their homes, so they go out and look on the MLS for homes to purchase. But they aren’t seeing a lot of options. They don’t want to get stuck and be homeless.
- Lending guidelines have tightened up. When sellers are trying to move up, lenders are seeing a higher debt-to-income ratio that may have been left over from the housing crash and they see it as a challenge.
- A lot of folks are trying to “time the market.” They want to get a little more equity out of their current home so they want to wait so they have more to bring to the table for their next purchase. The problem with that is both homes are going up in value at the same time, so you’re not really gaining anything by waiting. Additionally, interest rates are also rising which if you wait and they go up, your monthly payment will be larger as well.