Uncategorized September 11, 2018

Why is there no inventory?

I hear it often…Why are there no homes for sale in Whatcom County?

  1. Many sellers are afraid to list their homes out of fear of selling quickly with no place to move to.
  2. Baby boomers are not retiring. Staying in their homes longer means less supply.
  3. Remodeling is on the increase as an option to selling (less supply)
  4. Lack of construction. Why? Not enough skilled workers (many people in the trade got out of the business in 2006 and not nearly as many graduates are enrolling into vocational schools), increased price of materials and labor, not enough land to build on and lot prices have really increased.
  5. We are living in our homes longer (less supply)
  6. Rental rates have gone up so many renters are entering the market (more demand)
  7. Boomerang buyers (homeowners who went through short sales and foreclosures in 2006-2008 are now back in the market. (more demand)
  8. Interest rates are increasing creating a fear so buyers are trying to hurry into the market (more demand).