Housing market experiencing an inventory shortage

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DOTHAN, Ala. (WDHN) — The pandemic has been a burden for most but for the housing market, they have been seeing a positive light.

“The pandemic did affect things drastically in the housing market we still got interest rates at a historic low and because of that, the demand has been through the roof,” said Stephen Hollan, the president of Property Champions Real Estate.

Although the demand for housing is so high, one setback the housing market is facing during the pandemic is a shortage of construction materials.

“While inventory being low it makes it a time to sell as far as new construction we actually seen all real estate prices going up so when you have material shortages like lumber or appliances overseas that put a strain on time delays with construction or a strain on labor whether it’s because of layoffs or demand for just new building,” Holland said.

Holland says with the market facing low inventory, you need to have a plan in place because if the home is move-in ready it will not be on the market very long.

“Home-buyers expect to move in about 30 to 60 days. Of course, the very first step for any home buyer is to get pre-approved reach out to a lender and that pre-approval not only lets you know the loan you qualify for but as far as the price range and to go ahead and put in an offer once that home is found,” Holland said.

Holland says if you are buying a pre-existing home or building one from the ground up, contact your realtor and jump on it because the process could take months.

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