Abby was asked to speak on the topic of low inventory, this is what she had to say.
Inventory is definitely at an all-time low. I haven’t ever seen it like this in my whole 17-year career. There are a couple of factors that contribute to why it’s so low. First of all, interest rates have been incredibly low in 2020 and 2021 which encouraged a lot of people to buy. Secondly, is the lack of new construction. During the pandemic builders have had trouble getting supplies, pricing what the supplies will cost, and they’ve also had trouble finding workers. So the lack of new homes is another reason inventory is so low. Here in our area with our proximity to DC, we’ve seen an influx of buyers from the city. One of the things the pandemic has changed was the ability for people to work from home more often. So a lot of people relocated from the city to the Shenandoah Valley, further dwindling our housing supply.
Things that could help our shortage would be increased new construction, it’s possible investors will see the lack of inventory and list some of their rentals for sale, which would help. I am also seeing a lot of multi-generational sales where parents and their adult children and grandchildren are now living together. The retirees are selling and moving in with their adult kids. This will also help increase inventory. I feel it’s near impossible to predict when this issue will be fixed. But we are all hoping it’ll be soon! – Abby Walters, Broker/Owner Preslee Real Estate
