When you look to buy sell or invest in a home today, I wanted to talk to you about housing inventory. Who, what, when, where, why of housing inventory and how that affects us as
home buyers and home sellers because those are on opposite ends of the pole being a buyer versus being a seller so breaking that down what's interesting about today's market is we are now fully recovered or moved on from the recession mostly but we still have a supply and demand concern and so what makes that happen first and foremost right now. We are seeing that first-time homebuyers are purchasing less frequently.
Then they do historically normally first-time homebuyers makeup 45 and upwards of even fifty percent of the home buying market and as it right now they're hovering more around a third why some of that is jobs and income and some of it is school debt also with many first-time homebuyers which are traditionally made up of individuals that are in their 20s and 30s the Millennials right now they have graduated from college and from high school out of a recession and have a different economic status.
The generations before them so housing hasn't become as important as flexibility does that has an effect on housing supply because it is a ripple effect when buyers on the front end don't buy that means move-up buyers and next step buyers don't end up purchasing because they stay in their homes longer this, in turn, will affect days on the market if days on market for a home will last longer and it takes homes longer to sell the offer prices generally come in at lower prices if a home sits on the market longer.
All of these things create a big stew that basically makes up housing inventory now to throw in an extra step on top of that builders basically during the recession stop building and has now come back in gangbusters to start to put more supply to meet up with the pent up demand so we're seeing a very normalization of the marketplace that's great for us all but will continue to trend upwards as first-time buyers become more prevalent in the market if you're ever interested in finding out more tips or trends that are happening in the marketplace or are interested in finding out what your home is worth or what other homes are on the market that you may be interested in please feel free to click on any of our links below or touch base with me whenever is convenient I and the team would love to help you with any questions that you have have a great rest of the day and we will talk to you...
Realtor/ Broker (BRE: 01958545)
Beverly Hills: 424-239-6519