According to the Detroit News, a national housing scarcity is affecting the ability of home buyers to find/secure property. One of the areas at the top of the list in this recent scarcity surge? You guessed it.
According to the data reported, the Detroit-Dearborn-Livonia area saw a 43.4 percent drop in homes available for purchase and the Warren-Troy-Farmington Hills area saw a 32.1 percent decline. This is good news for investors who are in the game early.
Adding to the dilemma, "despite the scant supply, U.S. home sales are expected to rise this year, economists say. Fueled by job growth, pay raises and still-low loan rates — and perhaps fearful of being left out as more homes are snapped up and prices rise further — many people are looking to buy."