Dwindling home supply; For Sale: Very little. ‘It’s a tight, tight market’

PITTSBURGH — Calling the current residential real estate market tight as a drum might be giving a bit too much credit to the drum.

Right now, the market is so tight that the lack of inventory is creating a circular lack of inventory: Homeowners ready to list don’t do so because they can’t find anything to buy. Buyers ready to buy and hoping to take advantage of low interest rates make offers that they lose out on — and therefore don’t list.

“It’s a tight, tight market,” said Jen Crouse, an agent with the recently opened local branch of Compass. “It’s a big circle. People aren’t moving down or moving up because they can’t find what to move into, so they aren’t listing. I’ve seen people listing to get top dollar now, planning to live with family for a while or in temporary housing until the market changes a bit. It’s a very extreme market.”

Read more from our news partners at the Pittsburgh Business Times.

Veterans getting stimulus payments next week (NCD)

Pittsburgh Business Times