Factors Affecting Housing Supply MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

f you’ve been preparing to buy a home in the last couple of years, then you’re probably aware of the serious housing inventory shortage you may have to contend with.

Low housing supply has led to rising home prices, buyer competition and, in many markets, bidding wars.

But what caused the shortage in the first place? And why hasn’t it changed much in recent years? Here’s what you need to know.

1. Slow Housing Construction: Builders have reduced their work since the housing crash in 2008. There have also been issues with supply chains, the rising cost of lumber and other materials, and contractor shortages. All these elements have made it harder to build new homes to increase supply.
2. Homeowners Staying Put: Right now, mortgage rates are higher than they were at the height of the…………

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FIRST TIME HOMEBUYERS