Despite rising concerns, we’re not in a market bubble.
A lot of past and current clients have reached out to me lately wondering whether the market is in a bubble again and whether they should worry about losing their homes. While it’s true that the market is bananas right now, you shouldn’t be too concerned, because we’re not in a bubble. All the top economists agree on this point, and there are a couple of market stats you need to know that will help put your mind at ease.
First, the number of new listings increased 29.1% from April 2020 to April 2021. Despite this, we still have negative inventory, which means we’re selling more homes than there are on the market. During that same time, the median sale price increased 24.4% from $675,000 to $840,000. What’s behind these numbers? You have to consider that the cost of building materials and the cost of living have both gone up, and people are spending more time in their homes.
Stay tuned for my next video where I’ll share more market stats that address this topic. In the meantime, if you have any real estate needs, don’t hesitate to reach out to me. I’d love to help you.
