FORT WAYNE, Ind. (WANE) – Potential homebuyers are facing slim pickings when shopping for a new house in Fort Wayne.
Real estate agencies in Fort Wayne are saying the market is extremely competitive as there are more buyers than available homes. Todd Stock, a managing partner at RE/MAX Results, says the low number of listings is due to factors like higher costs of construction and low interest rates, which helps consumers when looking to buy a house.
Ed McCutcheon at Century 21 Bradley has worked in real estate for nearly 50 years. He says this low inventory can be traced back during the Great Recession. When the housing market crashed, developers pulled back on building new homes. They have been trying to catch up ever since as a ceiling on building permits limits how many new homes can be built per year.
“They’re hitting a ceiling of new construction, and the new construction costs have just gone out of hand,” McCutcheon said.
McCutcheon says if you are looking to buy a house in Fort Wayne, you may have to deal with these conditions for the foreseeable future.
“You don’t have the labor, you don’t have the materials, you can’t make any more inventories,” McCutcheon said. “So it’s going to be a while before it changes.”
Home designs are also shifting in response to new habits created out of the pandemic. Both Stock and McCutcheon mention new homes are incorporating more space for home offices and more outdoor living space.
“Some of the newer floor plan designs not only include an office, but maybe two offices,” McCutcheon said.
Looking to buy or sell a home in Fort Wayne? Watch below as McCutcheon offers his input on what both groups should be doing as available listings remain low.