«Higher rates make qualifying for a mortgage and
finding affordable inventory more challenging,» says Jonathan Smoke, chief economist of realtor.com, of the report.
Not exact matches
Recently, increases in competition and price have begun to force prospective homeowners to
find affordable real estate outside of the Greater Toronto Area, while others are opting to wait on the sidelines for price increases to slow — choosing to rent or renovate — further fuelling
inventory shortages across the region.
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The baby boomer population is expected to climb to 73 million by 2030, and
affordable housing
inventory for this group is getting harder to
find.
In addition to personal finance burdens, first time buyers have struggled to
find affordable options as the housing
inventory in many parts of the U.S. tightens and prices increase for what is available.
Without
affordable new construction, we
find ourselves in a housing market marked by low
inventory, high prices and bidding wars — and one where first - time homebuyers are often priced out.
«The steady increase in
inventory over the last few quarters, especially among the city's most
affordable units, has continued through the start of 2018 and should leave renters more confident in their ability to
find an
affordable apartment,» said Joshua Clark, economist at HotPads.
«Furthermore, tight
inventory conditions are being exacerbated by the fact that some homeowners are hesitant to sell because they're not optimistic they'll have adequate time to
find an
affordable property to move into.»