Shopping for a new single-family home in the US is arguably harder than ever before. There’s a bidding war for literally every home on the market. Every fixer-upper every house that needs even a lot of work. Because we’re on vacation were calling me and texting me saying what is going on at your house there’s people in a line down the block. Two people having a fight with city dwellers emigrating to the suburbs and families looking for home offices and bigger yards. Prices for the American dream home have skyrocketed. Home prices surged in march 2021 up 13 from the year prior. According to the s p case-shriller index everybody expected housing to really sort of dry up with the rest of the economy and in fact the opposite has happened with homeowners unwilling to sell a record low supply of homes for sale has forced buyers into intense bidding wars at the end of April 2021. There were only 1.16 million houses for sale in the US down 20.5 percent from the year prior.
Higher costs for land labour and building materials have also impacted home builders. So, currently in the united states we have a huge shortage of housing we’re not producing nearly as much housing as we should be we know that homeownership is the primary way of getting into the middle class. But unfortunately there are many impediments to that that are divided by class and particularly race with a -year fixed mortgage rate hovering near a 50-year. Low and a strong demand pushing prices to all-time highs why is the housing supply so meagre is the us running out of houses. The US real estate market is red-hot since the start of the pandemic. In many markets competitive bidding wars are the norm. There’s a bidding war for literally every home on the market. Every fixer-upper every house that needs even a lot of work. It’s still just a crazy bidding war our house had 44 offers on it with his new york city office shut due to the pandemic and looking for more space for his family. In the summer of 2020 justin goldberg and his wife jessica put their three-bedroom Bloomfield new jersey home on the market. What the couple was asking for but the family then found themselves struggling to find a new home it was a definitely a risk for us to take because we knew that the pandemic wouldn’t last forever. The couple signed a one-year lease on a rental and on the advice from their realtor. They then modified their house search from looking for a move-in ready home to a fixer-upper.