We’ve all been talking for years about how the low inventory for residential listings is driving prices up and keeping many buyers out of the market altogether.
This article cites the high cost of getting a loan & moving. Also, low interest rates on older mortgages are just too good for many to give up for today’s rates. The author cites a Redfin report that shows homeowners are staying in place twice as long as the median from 20 years ago.
I’d also add that technology and upgrades in building materials & practices mean homeowners are more comfortable at their current home that would be starting over somewhere else. Not to mention a certain comfort in a home you’ve been in for a while, where things are where they’re supposed to be & treasures accumulated over years make the thought of moving problematic. There’s also concern over job market issues, inflation, investment uncertainties, etc. that are keeping people in their current homes.
A healthy market has about 3 months of inventory. At my last Whitman Area stat check, we had around 6 weeks around here and that was “breakout-level” good for us over the past 8 years or so. Next week, I’ll run the numbers and get us all a fresh picture of the Real Estate Market in the Whitman area. Let’s see where we’re at in the run up to the Spring Market.
Have Fun & Happy St Patrick’s Day!
Lew McConkey, Realtor/Notary
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
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