Nationwide, builders have not built enough homes for about 10 years. Some of this is due to builders figuring out that they made better money building fewer expensive homes than building more lower priced ones. This worked due to the Boomer generation reaching the age to buy their dream homes. A lot of those homes are becoming overnight/short term rentals now, and the owners are doing very well if they are pros at the business.
There’s a lot of housing demand right now from Millenials. No prior generation has made good money as early in life as they have, and dual income households are more prevalent than ever. Some also have parental help with down payments, etc.
It will take some years to return to supply/demand for housing to what is considered “normal”. In a “normal” residential market it takes an average of 90 days for a home to go under contract. Let’s see when we reach that number again.
Your post makes a lot of sense.
Everything you wrote may have been that way a few years ago.
Interest rates are going up and they ain’t stopping. Prices are through the roof. Not sure who is right, you or the person that wrote these articles:
And now, if you outright own your home and want to upgrade, chances are you’re just getting another version of your own home since all the prices are so inflated.
And the Democrats want to bring back the mortgages of Clinton and Soetero...stated income. Saw an ad the other day.