Low inventory across the country makes it tough for buyers, especially those looking for their first home. New construction and opportunities in rural areas may relieve some of the housing stress.
The nations real estate market was marred by inventory shortages in 2017, and that is not likely to ease up in 2018. Many homeowners are reluctant to put their home up for sale for fear they will not find a new home to move into. However, there is hope for buyers and sellers on the horizon.
The number of new homes built over the last few years is below industry norms, and over half of developments were focused on lucrative markets rather than entry level home buyers. However, strong demand from younger, first-time buyers creates a hungry market builders cannot ignore. Look for increased construction of entry-level homes in 2018, according to building industry outlooks.
Buyers are also moving to rural areas or suburbs to find better homes at more reasonable prices. That’s great news for both buyers and sellers in Otter Tail county and the surrounding area.
Homes prices will climb an average of 4.1 percent in 2018, according to a survey of 100 housing experts surveyed by Zillow. Don’t wait if you are thinking about buying. For sellers, this is a strong market to sell and apply equity to a new home.
Your real estate agent is the best source of information about the local community and real estate topics. Call Tom Verhelst at 218-205-2604 | Karen Zell at 218-731-6836 to learn more about local areas, discuss selling a house, or tour available homes for sale.