Posts from January 12th, 2022
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BOOM Goes the Real Estate Market
Realtors have seen buyers battle it out in multiple offer situations during this current real estate boom. A low supply of homes for sale only increases the competition between buyers. More specifically, a low supply of "smaller" homes has significantly increased the value of homes that baby boomers (our older population) and first-time buyers would like to purchase. These two groups of the population, while very different, are competing over the same type of home in many situations.
Many younger buyers are looking for a smaller first home that fits their budget. At the same time, our older population is looking to downsize, decrease their budget, and have less to maintain at their residence.
Most new construction is outpriced for these buyers. Of the 71 new construction homes for sale...