This is a question many of us have. How can there be so little available when so many are looking for homes??
In a recent Redfin report, we discovered that people are simply choosing not to sell. They compared 2021 to 2012 & found that 31% more owners are just staying put. In addition 33% of homes are owned by those who are 65+, up from 28% in 2012. I look around my neighbourhood & I have to agree.
Looking ahead, what are the trends? People are living longer & often healthier lives & are able to stay in their homes. Increases in interest rates could mean staying put is more appealing. I find that many of my neighbours are creatures of habit & want to stay close to where they currently live, so if there aren't any good options, it's easier not to move at all.
In other words these low listing levels could be here to stay for a while. What can you do about it? Like so many other things, not all areas are the same. Younger people tend to more more frequently for instance, as their needs change. An experienced & professional realtor can show you areas where you might have a better chance of finding a home so don't give up before checking out your options.