Why Home Owners are NOT Selling: Housing Inventory Approaching Lowest in DECADES

Home owners are not putting their homes on the market and selling. The housing inventory is reaching the lowest point in decades because of this. High inflation and people who either own their home cash or purchased wtih a low interest rate are keeping people in their homes.

People looking to buy in 2023 are going to be shut out of the housing market for two reasons, a lack of available homes and high mortgage rates making home ownership relatively unaffordable. The average number of years people stayed in their homes was 7 just a decade ago and now its closer to 11 with investors keeping rental properties for even longer.

What will home prices look like in 5 years? Likely higher than today.

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