Competitive housing market nearly impossible for first-time buyers

Competitive housing market nearly impossible for first-time buyers

Real estate experts say the low inventory and steady increase of housing prices could keep first-time buyers out of the market.

LOCKED OUT OF THE HOUSINGMARKET.

AS A PART OF OUR REBOUNDSOUTHWEST FLORIDA SERIES WE’RETAKING A CLOSER LOOK AT THECHALLENGES OF A COMPETITIVE REALESTATE MARKET.

FIRST-TIME BUYERSSAY IT’S NEARLY IMPOSSIBLE TOGET IN THE GAME.

FOX 4’S RACHELLOYD SHOWS YOU WHY.0-:10:15-:25:32 - :37:58 - 1:041:22 - 1:292020 BROUGHT REBECCA RANDOLPHAND HER HUSBAND LOTS OFEXCITEMENT.

THEY BOTH BECAMEPARENTS AND FIGURED IT WAS TIMETO BUY A HOME FOR THEIR GROWINGFAMILY.We’ve been pre-approved.

We havethe down payment.BUT HER EXCITEMENT WAS HALTED BYTHE UNEXPECTEDLOW INVENTORY.This isn’t as fun as we thoughtit was gonna be.

There’s nothingout there!WHEN YOU LOOK AT INVENTORY INLEHIGH ACRES, WHERE SHE WANTS TOGO, THERE WERE ONLY 229 NEWLISTING AS OF LAST MONTH.

ANDTHE OPTIONS AREN’T IDEAL FOR AFIRST-TIME BUYER.Really old, or just kind of outof our budget.

And like, if webuy this house, and somethinghappens to it, we’re kind ofscrewed, because we just put allof our money into this house.I’ve never been so frustrated inall my life with the currentreal estate market.ADRIAN WARING WITH PRICELESSREALTY IN CAPE CORAL HAS BEEN INTHE BUSINESS FOR 20 YEARS ANDSAYS HE’S NEVER BEEN THISOVERWHELMED TRYING TO MATCHCLIENTS WITH HOMES.Right now, if I take everythingin Fort Myers, Lehigh, and Cape,combine them, combine themtogether, that’s still not asmany houses that should be forsale in just Cape Coral.LAWRENCE YUN, CHIEF ECONOMISTWITH THE NATIONAL ASSOCIATION OFREALTORS SAYS THE BOOMING MARKETCOULD HAVE LONG-TERM EFFECTS FORNEWCOMERS LIKE RANDOLPH ANDOTHER MILLENNIALSAND EVEN BLUE-COLLAR WORKERS WHO JUST CAN’TCOMPETE WITH CASH OFFERS FROMEXPERIENCED BUYERS.Raising prices much faster thanpeople’s income growth, whichcould possibly choke off somepotential first-time buyers.(LLTAG)YUN SAYS FIRST-TIME BUYERS HAVEA COUPLE OPTIONS IN THIS MARKET.BUY THAT FIXER-UPPER AND SELL ITLATER.

OR IF THEY’RE NOT THEFIXER UPPER TYPE LIKE