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Is Real Estate Inventory an Issue in Philadelphia?

The demand for homes has soared in recent years, while the supply of those homes has hit a record low. This real estate inventory issue causes several distinct issues. Among those, the biggest issue is that too many homes are being sent into bidding wars. This sends home prices skyrocketing, and many young families simply can’t afford to purchase a home at these new rates.

It’s a tough market to begin with. To even think about seeing or bidding on a home, a buyer must obtain mortgage preapproval, and have a mortgage commitment already in place. People are often stretching themselves – and their budgets – thin, just to give their families a place to live.

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