America’s housing crisis and what you can do about it
Home prices are up 15.4% over the past year. The median home price is close to $350,000! That’s almost double what it was a decade ago! What’s causing all the price hikes?
Here’s the Five Fast Facts on why the market is this way and how to make the most out of the crisis:
🏠🚚Over 15.9 million people moved in 2020... but most people didn’t go very far - Lots of apartment-dwellers in big cities (84% of them) just moved somewhere within the general area of a big city where they were already living.
👨🏻💻📉What’s juicing up the market? - Not only the record low fixed mortgage rates, but the fact that 16.5 Million workers are now permanently working from home post-covid and realizing they can live anywhere!
👨👩👧👦📈DINKS (Dual Income, No Kids)to the rescue! These new neighbors of yours Pay lots of taxes and help support the local economy - which is good for local Paychecks!
♂️🏗️Who isn’t moving? Boomers and older Gen-X folks. Instead of downsizing and selling their houses to the next gen, they’re looking to “age in place.” This increases the demand on the market.
🤔🤷🏻♂️Is it time to move? Homeowners should check their home’s value because this could be a great time to sell. Those who are willing to significantly downsize or rent for some time could make a killing!
Bottom line… If you’re not buying or selling a home right now then get to know those new neighbors in the area. We hear they make great avocado toast...🥑🍞😜
