‘Unbelievable’ Market!

I had a mentor once tell me that he describes the real estate market as ‘unbelievable’.  When I asked why, he said well, if it’s really good, it’s unbelievable and if it’s really bad, it’s still unbelievable. Hmmmmm….. good point and so true!  Today’s market is really unbelievable!  We have historic low inventory and rates have continued to stay under 5% for a decade.  We have clients wanting to sell their homes but they cannot find another suitable home. It’s like the chicken and egg circle!!  You don’t want to sell until you can buy and you can’t buy until you sell.  So, what gives?  What will be the solution to this low inventory and when will it let up?  We don’t know.  What we do know is that there is a lack of new construction which is said to be a piece of the problem. When talking to builders, they describe challenges such as no affordable land, high infrastructure costs, difficulty in finding labor, and increase in building supplies makes the home price higher than market can bear. Is this a community problem. We think so but how to we fix it?  Realtors lobby regularly to help find ways to protect and promote home ownership. It’s really a grass roots effort starting locally and moving on to state issues as well as the federal level. It’s the big picture and it’s a proven fact that when the real market does well, the economy does well.  Because of the low inventory, price values have edged up but are starting to level out as we approach summer.