A recent survey of mortgage professionals states that the largest issue facing home buyers today is a lack of inventory. The survey says that 58% of these mortgage professionals report this as the largest issue for their potential buyers. Many fewer mortgage professionals, 18.5%, report that clients saving a sufficient down payment is the largest hurdle for them.
Surveys of Real Estate professionals echo these findings.
And the lack of available inventory, especially in the lower priced, entry-level homes, is causing the prices for these homes to rise. Also, bidding wars for these properties are not uncommon, as there seem to be multiple buyers for each of these properties.