Basically I understand that there are not many houses for sale right now, so supply and demand would dictate high prices. However, wouldn’t the high prices attract more people to sell? Is everyone just holding their houses hoping prices go even higher?
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The lack of supply was caused by reasons that aren’t driven by money… the bottleneck was with seniors/boomers not making the step toward retirement housing. They didn’t want people bringing COVID into their home; they didn’t want to travel to shop for retirement home in FL or AZ; their adult kids living alone in apartments moved back home to ride out pandemic; plans to enter assisted living facilities were delayed.
No family homes for sale, no homes for owners of starter homes to step up. That means no starter homes hitting the market. No homes for first time buyers.
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