INDIANA (WFIE) - It is a real case of short supply and high demand.
We're talking affordable homes in the Tri-State.
You might have found it is becoming harder to buy a home fit for your family.
Real estate experts tell us there’s a severe shortage of inventory in the market.
“The housing market has shrunk tremendously,” F.C. Tucker Real Estate Broker Carol McClintock said.
Many buyers say they were forced to settle because of the shortage.
“Yes, she is completely right,” recent Evansville buyer Morgan Locher said. “There are no houses on the market right now (or not enough) in that range. We had to rush into something we didn’t even love just because it was all we could afford in the market right now. All the houses we loved sold that day, with multiple offers,” Locher said. “Most were insanely over what we would’ve offered.”
McClintock says there is a real gap in houses costing from $140,000 to $220,000. These are the houses bought by “move up” buyers and is the hottest segment of the market. The problem is there just are not enough houses in that range here. There is a shortage in the $110-140k range too, just not as dire.
“The inventory has just gone down," McClintock said.
According to market statistics, there are around 500 listings in Vanderburgh County. Give it less than two months, on average for the entire market, and the homes are already snatched up.
“It used to be 112 (days) on average," McClintock reminisced.
While realtors hold out for the market to settle, many buyers are having to settle for less than what they want.