Why Realtors say we are seeing a decline in affordable housing options
Realtors are sounding the alarm on skyrocketing home prices. Fewer affordable housing options are making it difficult for families to make ends meet.
However, future homeowners can do a few things to ensure that they get the home of their dreams. Realtors say that by putting in multiple offers, having patience, and paying cash if possible to make your bid more attractive, you’ll stand out and beat other offers.
Buying a home in Southwest Florida these days can be pricey. Jason Jakus is a broker and the owner of Next Home Advisors. “The numbers for median home prices significantly up over 20% over last year,” Jakus said.
The increase in housing prices is due to higher demand and lower supply. “We’re seeing that housing selling faster than it did last year, so days on markets lower. And we’re also seeing that listings don’t last as long as they used to,” said Jakus.
Xuxa Santiago is currently house hunting and says homes can be off of the market in the blink of an eye. “I mean houses on Zillow, you can heart it and five hours later pending sale. It’s impossible,” Santiago said.
Elena Pink knows how complicated the home buying process in Southwest Florida is. She bought a condo in Bonita Springs and said that wasn’t easy. “I was in a seven offer bidding war,” Pink said.
She also had to fork over extra funds. “I don’t know, looked through 10 put an offer on two or three ended up purchasing this one for above asking price,” said Pink.
These things make affordable housing difficult for many people. “Being students like myself only working part-time, it’s hard to get loans,” Santiago said.
But, these prices aren’t stopping people from wanting their own little slice of paradise. “People are making the decision to be able to work in play where they want to and purchase that house,” said Jakus.
Realtors told WINK News that the housing pendulum is expected to swing back toward more affordable options by next year, hopefully.