Mismatched markets are increasingly creating issues for home buyers across the U.S. A recent study by Trulia identified the top 10 housing markets affected by this issue, which could affect the ability of first-time buyers to achieve their dream of home ownership in some locales.
What are Mismatched Markets?
Mismatched markets occur when there is a significant disparity between demand and supply in the most popular sectors of the real estate marketplace. The market mismatch is calculated by subtracting the number of homes on the market with the demand for those homes. Higher prices and lower supplies in some areas have led to serious market mismatch issues in metropolitan areas across the country. Mismatched markets can shut some home buyers out of the market and may discourage others from trading up to a larger or more luxurious home.
Top 10 Market Mismatches
According to Trulia, four of the 10 most mismatched markets in the U.S. are located in Texas. The full list and the market mismatch numbers are as follows:
- Dallas, Texas, at 17.5
- Houston, Texas, at 17
- Charlotte, North Carolina, at 15.1
- Raleigh, North Carolina, at 14.9
- Fort Worth, Texas, at 14.3
- Daytona Beach, Deltona and Ormond Beach, Florida, at 13.4
- Greenville South Carolina, at 13.4
- Grand Rapids, Michigan, at 13.1
- San Antonio, Texas, at 12.3
- Tampa-St. Petersburg, Florida, at 12.2
Home buyers in these areas will typically experience a longer search for their ideal property and may pay more for any properties they purchase.
Expert Support from Brightline Title
For first-time home buyers and those looking to trade up or down, finding the right company to handle closing, escrow and title search requirements can provide added peace of mind. At Brightline, we can streamline your transactions and help you navigate the process with greater confidence. Call us today at 813-221-4743 to learn more about our professional services. We look forward to working with you.
