Hot Housing Market Leaves People Afraid to Trade Up
The housing market continues to set sales records and is scorching hot. This means that homeowners have seen a boom in their equity, and with mortgage rates near historic lows, it would seem that many would be cashing in and moving on up to a new home. The problem is the historic low inventory has continued to drive prices out of reach for many buyers, leaving them between a proverbial rock and a hard place. It seems unlikely that the inventory will catch up at a meaningful rate anytime soon and we likely won’t see pricing levels normalize until more homeowners decide to sell.