We’ll get new numbers today for sales of existing homes, but for the past few months, sales have been down, per data from the National Association of Realtors. Between high-interest rates and low inventory, it’s still a very tight housing market. That means sellers and buyers who want in — or out — sometimes have to compromise and get creative.
Lisa Sturtevant is chief economist with Bright MLS. She’s seeing more and more buyers compromise on their dream home, like going in on a purchase with family.
“So going in and buying a home with mom and dad, so that multiple generations can live together and can pool their resources to afford the mortgage,” she said.
Some homebuyers are opting to remain renters in their current place but buy properties so they can be landlords. That’s more the case when buyers realize they can’t even remotely afford the home they want, so they buy a cheaper investment property to build equity.
“They can then convert that into a purchase of a home that they ultimately will live in that can check more of those boxes,” Sturtevant said.