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Now is the time to buy a new home: here’s why

If you have been thinking about purchasing a new home for yourself or your growing family, you may not want to wait around much longer. In fact, the longer you wait, the more likely it will be that you will miss out not only on your dream home, but on any decent home, for that matter. Want to know why you should be rushing yourself into the real estate market today rather than tomorrow? Continue reading to learn about the latest news to come out of the housing industry.

A Shortage in Supply

You have probably already experienced the difficulties that come with a shortage of supply while browsing through any retail shop, from your favourite technology store to the grocery store. When there is not enough of something to go around for everyone, people start to panic and they start buying up as much as they can find, all in an effort to stock up on what they need. And the same is essentially happening with new houses for sale. As a result of a shortage of homes on the market, there are now a lot of buyers going into panic mode and snatching up whatever property they can afford.

Rising Prices

Basic economics dictate that when supply falls, prices go up as demand increases. Because the number of houses that are being listed for sale has been steadily falling since the beginning of the year, prices were forced to rise as real estate agents began finding that more people are willing to buy but there is a shortage of supply. At the same time, new houses for sale were not being built either.

No Improvement in Sight in the Short Term

If you are still holding off on buying a home despite the current real estate climate, you may want to reconsider. Experts are claiming that things do not appear to be getting any better. In fact, the housing market is likely to get worse before it does get better, and prices will continue to rise. Houses with two and three bedrooms, in particular, are being snatched up by panicked buyers who want to get a decent deal on a home before prices are set to increase as supply continues to dwindle. Many buyers who are finding it difficult to locate properties are even turning to sources other than real estate agents to find their new abodes. For example, individuals can visit Gumtree to find properties that have been listed for sale by owners.

Builders Coming in to Provide Relief

Construction firms have decided to take advantage of the new demands in the housing market and have begun building new homes for prospective buyers. This can ease the burden, but it will be a bit of time before these new construction properties are available, so if you are searching for a new home today, and you want to avoid the inevitable rise in housing costs, you should consider hiring a real estate agent or searching for properties yourself that you can purchase before it is too late.

This was posted in Bdaily's Members' News section by Derek Crowden .