TERRE HAUTE, Ind. (WTWO/WAWV) — With more home buyers on the market than sellers, real estate professionals said there is a housing shortage.
“Homes are very slim as far as availability. When stuff hits the market, it sells pretty quick,” said Heath Klein of Klein Real Estate in Vincennes.
According to Klein, it’s not custom building that’s hard to come by, but it’s homes that are built and ready to move in that are in high demand.
“Everybody knows when you build a house you’re always gonna spend more. Most people want to just be able to come in and buy a home and they love new construction. That’s really what we’re lacking,” Klein said,
Statistics by the Indiana Association of Realtors show that housing inventory across the entire state is down by more than 50 percent.
Terre Haute is also facing the same problem. Members of the Terre Haute Area Association of Realtors said for them, getting people to sell their homes could turn the market around.
“If someone wanted to sell their house right now, they can easily say they’re probably selling at the best time in a very historical timeframe,” said Chip Miller of Berkshire Hathaway HomeServices.
Officials in Vincennes will use a housing study to help them find a solution.
“Once we get that done we’re going to have a better idea of really what we’re needing,” Klein said.
The housing study will be complete in the coming months.