A tight real estate market everywhere

A pair of stories in Axios shine a spotlight on current challenges in the real estate market. Especially if you are a buyer.

The biggest issue is a lack of homes for sale. Just over one millions homes are available for sale. That’s down from just over four million in 2007-2008.

Homes for Sale

Axios.

Stories of bidding wars are more common each day.

From the story, “Almost half of homes now sell within one week of being listed, per Redfin.”

Meanwhile, a whole new class of buyers is entering the market. A separate Axios story reports that 4.8+ million Millennials will flip from renters to buyers as soon as they find a suitable property.

From the story, “What millennials want: Rati says the average millennial buyer wants a house with a nice backyard in a desirable, quiet location.”

That sounds like most airparks.

I spoke with a realtor today who told me three recent transactions in the airpark she lives in went to non-pilot buyers.

Yikes.