Ad copy

BUCKLE UP NERDS... I've been mainlining Data Cocaine this SUNDAY morning,... Total statewide inventory (all classes/ all listings) in CT is at an all time low and at the same time, total available new listings have been steadily decreasing. **** For every home listed for sale 10 years ago, there is 1 listed for sale today. Homeowners are holding on to their assets longer, and benefitting from the supply shortage as prices continue to go up creating the largest affordability gap in history. The average age (Nationally) of a 1st time homebuyer is now 41! *** There is 76% less TOTAL inventory available statewide than there was in 2016. For every 10 homes for sale in 2016, there are 2.5 homes today. MEANWHILE- consumers (nationally) believe this is the worst time to buy a home since the run up to the Vietnam war- This one really confounds me. All the data- ALL OF IT- supports owning a home as one of the best asset classes to safely foster a wealth building strategy. The affordability gap has created a consumer sentiment gap, where more people simply believe buying is not available for them. This is what the erosion of the middle class looks like in graph form. Less accessibility, more expensive, less optimism. SOLUTIONS? WE need inventory solutions in the Northeast that favor building single family homes and shared housing solutions like Condominiums. Regulations and increasing costs to build make new construction options a near impossibility for investors, aside from building large multifamily. Real Estate investment and development require deep pockets and long financial runways. CT has one of the most attractive markets in the US for Real Estate investors, given the low inventory and high demand. Coupled with LOW unemployment, (4.2%), a High Median household income ($96,049-10th nationwide) and a long runway for opportunity to sustain before CT gets back to a balanced market. The solution has to be bigger than one subdivision. Open to ideas?