In this video, we go through the recent interview of Mike Miedler CEO of CENTURY 21 on CNBC’s Squawk Box talking about the real estate market in 2021.
Nationally we are sitting on 2.5 Months Supply of Inventory. Generally, that’s at 6 months. 1.28M homes for sale.
Major shifts in where people are buying.
Demand will come from Gen-Zers but also a lot will be Millennials.
There are currently 90m Millennials. We are seeing a generational shift in the market due to the large volume of first time home buyers.
There have been 105 straight months of year-over-year price gains.
The median home price around the country is right around $311K according to NAR.
With the Interest rates, it’s still cheaper to buy a median-priced home and pay the mortgage than it is to rent.