2021 Housing Market

Friends,

Recently, you may have seen reports that a record-low number of homes are available for sale compared to the past 10 years. It's no surprise that many hopeful homebuyers are having issues securing a home.¹

Lack of inventory
There are a few major differences between 2007 and now, but what is the biggest difference? What we’re seeing now might be a bubble, but it is primarily driven by the current lack of inventory. At the same time, we are seeing high demand by buyers looking to move up or relocate post-pandemic.

It’s a seller’s market
In many ways, this may be the most friendly market we’ve seen in quite a while for home sellers. Right now, nearly half of homes are selling within roughly a week or less. At the same time, median prices are rising at a phenomenal rate, and national prices, in general, have increased 17.2 percent over last year.² Also, sellers are able to extract concessions from buyers which would rarely, if ever, happen in a “normal” market.

Why now?
Listings are skyrocketing for a number of reasons. Many experts believe the continued low mortgage rates, a pandemic-era construction slowdown, and an increase in money available for a down payment are all factors.³

In this hyper-competitive market, many people are thinking of taking advantage of the situation by listing a property or home. If you are contemplating selling or buying a new home, please give us a call. We are happy to discuss your options and how it relates to your overall financial plan.

Matt and Andrew

<sup>1. NAR.realtor.com, March 22, 2021
2. Axios.com, April 11, 2021
3. Axios.com, April 11, 2021</sup>

^{The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security}