Here’s what buyers and sellers should know about our market right now.

One of the questions I get on a daily basis right now is, “What’s going on with this crazy market and when will it end?”

I can’t tell you when exactly it will end, but I can tell you this: I took a step back this week and was thinking about new construction housing starts over the last decade. We have been trending under 1 million housing starts for quite a while and it’s starting to catch up with us in a big way.

“We have a perfect storm causing record-low inventory.”

We have the perfect storm of low interest rates, homebuyers who were burned during the last correction, and extreme demand due to low interest rates. This is all causing our huge inventory shortage. 

The mood of real estate changed after the market crash of 2008, and that’s created a shadow group of would-be homebuyers that have put their plans off. However, I think COVID has pushed many of those folks to buy.

This isn’t something that’s going to go away. I think it’s the new reality that we’ll have to deal with for a while. If you have any specific questions about our market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.