Interesting article by Colin Robertson with TheTruthAbout Mortgage.com.
Mr. Robertson refers to National Association of Realtors Chief Economist, Dr. Lawrence Yun. a few passages from this article:
Supply and demand imbalance “has pushed home prices to unhealthy levels.”
Home prices have exceeded wage growth by four or more times in many areas of the country.
The solution is more homes, “inventory”, which would correct the imbalance.
So what does this mean?
If we stay the course, the nation will realize stagnant home sales causing more broad spread issues across the affected housing reliant industries. Bummer!
The answer…agreed…more homes for sale. This will have a “push down” effect on current pricing, returning to affordability, allowing more families to participate in the home buying process. Realtors® must unite and take responsibility to set sellers expectations for realistic pricing of their “prized” home listing.
Best,
Kris Darney
714-615-7605
