Where Have All The Houses Gone?Mar 14, 2021
Historically low interest rates and a pandemic desire for more space are driving demand — the other half is more complicated.
- Who wants to sell a house in the middle of a pandemic?
- Who would move into an assisted living facility or nursing home right now (freeing up a longtime family home)?
- Who would commit to a “forever home” (freeing up their starter house) when it’s unclear what remote work will look like in six months?
- Were in mortgage forbearance ……. meant that some homes that most likely would have come on the market over the past year, either through foreclosure or a forced sale, did not.
- For more than a decade, less housing has been built relative to historical averages.
- Low interest rates. That incentivized many homeowners to stay in their homes longer than they would have in the past, clinging to cheap mortgages.
- The low rates also encouraged many homeowners who bought a new home not to sell their previous one, but to treat it as an investment property instead.
Interested in the what's happening across the country in our major markets? Download out COMPASS Curated - Feb 2022 Edition! You will love this!
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