Buying a home might be a little more competitive than usual in Michiana due to a housing shortage in the area.
Right now only 800 to 900 homes are on sale, the Greater South Bend Mishawaka Association of Realtors told WSBT. That’s only a four-month supply in a market where 2,800 homes are sold every year.
The Great Recession is at least part of the blame for the shortage. Banks tightened up their credit lines because of the recession, which means fewer companies were building homes, especially smaller builders.
The housing shortage means homes could sell in a few hours or days after going on the market and homes could sell for the asking price or higher, especially for homes in the $150,000 price range, WSBT reported.
On the other hand, it may take longer for buyers to find homes.
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