• Daniel Hussey

Uniquely Unprecedented Times

After nearly 18 months of COVID in our lives, we still find ourselves in (my wife's least favorite phrase) "unprecedented times". That remains true in the real estate world as well. 2021 continues to be a Seller's market, that's for sure. Demand is very high and inventory is very low. That has been the case for few years now. However, that's not unique or unprecedented. What makes these times unique is the fact we are seeing Builder's face record building material costs and a general labor shortage, pushing the cost to build up well above the median home value in nearly every area I know of. Many Builders have completely pulled out of the market while others still have the ability to service the luxury market. Current home owners have used this to leverage existing home prices upward as well. I guess my point is I've never seen anything quite like this. It can be a bit of a conundrum to people who want to sell but have no place to go. "Yes I can sell at a high price but then I'll need to buy something....and there's nothing out there." A conundrum indeed.

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