There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”
First American just released the results of a survey which sheds light on the reasons for the current lack of supply.
The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:
- 47% – existing homeowners are worried that they will not be able to find a home to buy
- 26.5% – first-time buyer demand is absorbing a large share of available homes
- 11.3% – existing homeowners’ mortgage rates are lower than the current rates
- 10.6% – insufficient or negative equity in the home
- 4.6% – foreign buyer demand is absorbing a large share of available homes
As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).
Is this an opportunity for some homeowners?
The report on the survey explains:
“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”
That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.
Bottom Line
While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.
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Published by Eddie Yandle
Eddie and Shanna Yandle are the owners and founders of Executive Construction Homes. Eddie Yandle has been in the building industry his entire life. In 1985, Eddie started working full time with his father, George (Butch) Yandle, in the underground utilities business.
Eddie built his first personal home in 1989, soon after that he met his wife, Shanna. They quickly built four homes together and Eddie started the beginning of Executive Construction Homes, LLC. Eddie Yandle became focused on building with superior quality and enduring value. Shanna now serves as office manager while Eddie keeps busy in the field. Staying involved in the building process is very important to Eddie Yandle. From designing the home, to personally inspecting the details, Eddie ensures the home is what the customer expected at their purchase contract. Eddie and Shanna are now raising two beautiful children.
Continuing to be a responsible contributor to the community, Executive Construction Homes supports a variety of organizations.
Executive Construction Homes is recognized in the Directory of Professionals with Home Building Designations with the National Association of Homebuilders and received many endorsements and recommendations from their clients.
In 2012, Eddie Yandle has met all the requirements for membership and has been voted by the Master Builder Committee to be accepted as a Certified Master Builder of South Carolina (CMB). In order to reach this level, Yandle had to participate in 20 hours of continuing education, provide reference letters from customers and business associates, assure a one-year warranty on all his homes and show at least five years’ experience in home building. The education alone sets him apart from all other builders because the state of South Carolina does not require licensed builders to maintain any level of continuing education.
Eddie Yandle, of Executive Construction Homes is now one of the select groups of professionals nationwide to earn the Certified Green Professional (CGP) educational designation, identifying him as an Owner/Homebuilder with the skills and the best strategies for incorporating green building principles into new home and remodeling projects. The CGP curriculum includes three days of training from leading building industry practitioners and academics on a range of topics, including strategies for integrating green building principles into homes using cost-effective methods of construction.
Continuing to create custom homes, Executive Construction Homes is a builder in Columbia, Elgin, Lexington, Lake Murray, and Irmo. The professional staff works with a variety of floor plans, neighborhoods and is a respected homebuilder in South Carolina.
Executive Construction Homes, LLC is a multi award-winning builder being recognized by the Greater Columbia Home Builders Association. Eddie spends his free time not only with his family but other community related functions. Together the Yandles’ involvement in the Columbia, SC area has brought over 600 new homes to families as of January 2014.
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