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One question that's top of mind for homebuyers this year is: why is it so difficult to find a house to buy? The truth is, we're in a strong sellers' market, so real estate is extremely competitive for buyers right now. The amount of buyers searching for a home greatly outweighs how many homes are available for sale.
All though low inventory in the Long Island housing market isn't new, it's a challenge that has continued to grow over time. Here are two reasons why today's housing inventory is minimal and what it means for you.
1. New Home Construction Fell Behind for Several Years
The image below depicts new construction for single-family homes over the past five decades, including the long-term average for housing units completed. Builders exceeded that average during the housing bubble (shown in red on the graph). This resulted in an oversupply...
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