Laura Kusisto
speaker
689 appearances
14 recordings
1 series
first heard Jul 2017
last heard Nov 2023
Laura Kusisto’s voice in public audio — every appearance, attributed to the second.
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Appearances
But no, actually, what really happened was that it was a great time to be a buyer.
People kind of got that memo, flooded the market, and we saw a very quick reversal of what were some of the kind of really helpful trends for buyers.
That increase in the availability of homes for sale, the fact that price growth was starting to slow, those things just very quickly, those homes got snapped up and prices started rising again.
The really tricky thing with the market right now is we just can't seem to get to normal levels of inventory.
A normal level of inventory is about six months.
We're about two months short of that now.
We're closer to four months.
And actually, if you break it down more granularly, it's even worse than that when you look at starter homes, which is where most of the demand is.
So you have millennials, they're out in the market, they're ready to buy their first home, and there's just nothing for them to buy.
And so the market can't really find its footing.
It's interesting.
You would think that this would be just a party for them.
You think that everyone should be just putting their homes in the market, and that should solve the inventory problem.
But that's not what we're seeing.
What we really saw after rates fell was a big refinancing boom, but not a lot more people putting their homes in the market.
And I think part of the reason for that is that in a lot of these urban areas, if you've got a home close to downtown, you more or less like it.
Maybe you need a little more space.
It would cost you so much money or you'd have to go so much further out to upgrade and get more space.
People are just making the call.
It doesn't seem worth it.
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