Emerging Trends in the Market
We are only a few months into this New Year but there are some trends emerging in the Market. First off the coasts are hot; I would even dare to say on Fire. But they are quickly running out of inventory which is driving home prices up quickly. Why the Shortage? Well there might be a few answers for that. It could be that with the economy returning, millennials who have been living with family are now trying to get out on their own. At the same time baby boomers are seeking to downsize and have a lower cost of living which is flooding the market with buyers. Or it could be that financially recovering GenXers are investing in their current homes in fear of the market and mortgage rates possibly going up, leaving the market with a lack of inventory. It could also be potential sellers are very apprehensive of the market, mortgage rates and ability to get a new loan. The fact that few new entry-level homes are being built because of rise in cost may also be contributing to this trend. Regardless of what the reason for the lack of inventory it is defiantly a sellers market right now even if the sellers don’t know it. I guess I end this Blog with a question. Will this trend continue or will confidence in the market return?
Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com
Cynthia Schmier, Broker/Owner
CRS, CDPE, CNE, CIAS, MDI, 5-STAR, SRS
RE/MAX Country
Cynthia@Cynthia-Online.com
(360) 400-3475
www.cynthia-online.com
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