What’s going on in our market as we make our way through summer?
If you were following the news from the real estate world earlier this spring, you might’ve heard something about the crazy inventory shortage and spike in multiple-offer situations.
This was true in certain price points and continues to be true now—primarily in homes priced under $300,000. we’re starting to see the market balance out, which is common for June. We usually have a push of buyer activity after the lethargy of winter, and now that summer’s here, the market reflects the fact that families have more activities going on.
Typically, 15% of the marketplace moves every five years, but according to the latest reports, that number has dropped to 11%. Why? The answer can be found by looking at two consumer groups: baby boomers and millennials.
Right now, Baby Boomers are looking for homes that are primarily maintenance-free and/or single-level. There are a limited number of these homes available, so people are starting to retrofit their current home and (to use a buzzword we’ve been hearing a lot lately) “age in place.”
Millennials, meanwhile, aren’t buying homes until they absolutely need to (i.e., after they get married or have a child.) A lot of Millennials are either continuing to rent or choosing to live with their parents.
If you have any more questions about our real estate market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d love to help you.