For sale? Fort Wayne Realtors Explain Why Real Estate Listings Remain Low
FORT WAYNE, Indiana (WANE) – Potential buyers are faced with slim choices when shopping for a new home in Fort Wayne.
Fort Wayne real estate agencies say the market is extremely competitive as there are more buyers than homes available. Todd Stock, Managing Partner at RE / MAX results, says the low number of listings is due to factors such as higher construction costs and low interest rates, which help consumers when looking to buy a home.
Ed McCutcheon at Century 21 Bradley has worked in real estate for almost 50 years. He says this low inventory can be traced during the Great Recession. When the real estate market collapsed, developers decided not to build new homes. Since then, they have been trying to catch up, as the ceiling on building permits limits the number of new houses that can be built per year.
“They’re hitting a new construction cap, and new construction costs have gotten out of hand,” McCutcheon said.
McCutcheon says that if you are looking to buy a home in Fort Wayne, you may have to deal with these conditions for the foreseeable future.
“You don’t have the manpower, you don’t have the materials, you can’t do inventories anymore,” McCutcheon said. “So it will be some time before that changes. “
The design of homes is also changing in response to new habits created by the pandemic. Stock and McCutcheon mention that the new homes incorporate more home office space and more outdoor living space.
“Some of the more recent floor plan designs include not just an office, but maybe two offices,” McCutcheon said.
Looking to buy or sell a home in Fort Wayne? Watch below as McCutcheon gives his thoughts on what the two groups should do as the available lists remain low.