You can almost hear the air going out of the housing balloon. The slowing in the market since late May has been palpable. I've been asked why numerous times over the last 6 weeks and candidly there's not a definable reason. Mortgage rates remain modest, seasonality should be at it's leak and yet here we in early July with both showings and sales having slowed considerably earlier than they should have. I shake my head as I read the press releases from various members of the real estate community on how great things are. Yes, we had a period of high demand and lower inventory earlier in April and the first two weeks in May but that's ancient history. So it all begs the question, why? There's a theory out there nudged forward by Dallas Mavericks owner Mark Cuban that under or unemployment of the 25-35 year olds is a huge issue for our economy. Their massive student loan debts that they're trying to pay off by working two table waiting jobs is not allowing them to save for home ownership. If there are fewer first time home buyers there will be fewer move up buyers across the board. First time buyers are the market's true engine. Without them the whole spectrum of housing slows....and it has. It's not time to panic, just time to reanalyze your strategy if you're a seller. Those who don't may be still be in their current location come holiday time.
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