The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:


“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeowners and the fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):


But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, i ...

Using Floor Plans in Your Marketing Strategy
Though having high-quality photos and a well written description of each room in your home are critical components to your listing, having a professional floor plan will also help to step your game up when advertising and promoting your home.
The size and overall layout home is one of the most, if not the most overall, important selling feature when you have your home listed on the market.
If you're looking to add further credibility to your home, then having readily available floor plans is the perfect way to do it when selling your home.
The added credibility comes from both the buyer and the seller knowing that the listing has been specially handled by a professional, and over the fact that everything is literally laid out properly for the buyer.
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