Jackson County is currently having a shortage in homes for rent and it looks like there will also be a shortage of homes for sale too, an article from KTVL.com reveals.
According to real estate broker Robin Simpson, most real estate properties are selling in 49 days but now are down from 74 days. Simpson mentioned that mostly it could take from three to six months for properties to get sold.
At present there are also more houses that are being sold rather than being put up. From John L. Scott Real Estate data, homes in escrow are now up at 52 percent however shortage of new listings are expected to replace these and this adds to the continuing shortage of properties on inventory.
One of the reasons why people are opting to buy rather than rent properties in the county is that rental prices are equal or more than mortgages; the interest rate is currently down while the economy is currently bolstering. This in turn has created a shortage of homes that are currently for sale and prices have increased by more than 9 percent. Homeowners are waiting till spring to place their properties in the market since this is the best weather to look for a new home. This could hurt real estate brokers in the end since "right now there is no competition and the more serious buyers are shopping for homes," Simpson said.
Compared to last year, home listings are down 18 percent. The real estate broker said that homeowners are overlooking the seller's market and is affecting the buyer. Houses may cost more at the moment but the interest rate is low. But things may look bright next year as this number is expected to increase in January which will provide buyers less power and options, the article from KTVL.com concluded.