Last year, houses were selling fast. Combining the mass of millennials buying homes with the supply shortage made for an interesting season.
According to the National Association of Realtors, on average, homes spent an average of three weeks on the market. This is lower than ever before.
Their studies also found that first-time home buyers were fighting some strong currents. In most cases, sellers would receive multiple offers, investors would pay cash, and/or prices kept climbing. This kept a good portion of potential buyers out of homes.
As the younger would-be buyers pay off their student loan debt more and more each year, the influx of buyers will continue to increase at staggering rates. In the current climate, buyers will be looking for houses, leaving plenty of opportunity for new builds to meet the new demand.
This is where the contractors come in. The demand for houses is higher than it’s been for years, and experts don’t foresee a halt in sight.