Why is this so extreme?

What a frustrating situation.  You finally decide to take that leap into homeownership.  You’ve saved for that down payment and closing cost, you built up your credit score, you’ve been pre-approved by your mortgage company, and you’ve spent several Saturdays driving to places you never want to see again all in effort to find the perfect location to purchase the next place to call home.  YOU ARE READY!  Guess what’s not, the housing market.  Boooooooooooooo

What exactly is a housing shortage?  It’s defined as a deficiency or lack in the number of houses needed to accommodate the population of an area.  Some estimate we are short as many as 6.5 million homes.  And while California greatly leads in the shortage numbers (geez California, not everything is a competition), Texas is short approximately 330,000 homes. 

How did we get here?  Not keeping up with demand for the last 40 years has taken its toll on the market for sure.  Throw in a hurricane or two, a pandemic, inflation, and spice it all up with a spike in interest rates and that there’s a recipe for a genuine housing shortage my friends.  This translates into seriously extended supply and demand issues, tougher lending standards, and delays in building starts.  

But Ashley, how does this affect ME?  I’m so happy you asked!  What we need right now is movement, although that is only one piece of this housing puzzle.  Folks are happy where they are currently (even though we all hate our tax bill) and no one wants to move.  Many chose to refinance during Covid and/or finally do that massive remodeling project their wife has been bugging them about forever and now they want to enjoy it, darn it! Not to mention, you may be able to sell for top dollar, but you’ll possibly be buying at top dollar too, and in most cases with a  higher interest rate.  If folks aren’t selling, other folks have nothing to buy (or at least what feels like very limited options).  And while some are thinking of selling and renting, I do not recommend that long-term since the cost of waiting can be significant as we’ve seen.  More sellers in this market will help and if you are considering making a change, don’t be afraid to go for it.  I’ve yet to leave any of my clients homeless.

The good news is that folks are still buying and selling every day.  Personally, my production this year has been steady and growing, as it is so incredibly important to have a professional on your side in this challenging market.  My suggestion is to be as open-minded as possible when looking for a home during this time.  Dig deeper into what is most important and let some of the other “must haves” slip away.   A home is what you make it, regardless if it checks every box on your ideal home list or not.  

Oh, and here's the cheese…………..

Mimolette: pasteurized or raw cow’s milk, semi-firm to firm, natural rind

DENSE | BUTTERSCOTCHY | NUTTY

In the late seventeenth century, Dutch Edam cheese was among the most popular in France, but unavailable due to the Franco-Dutch War.  So the French finance minister ordered cheesemakers in Lille to recreate the Edam recipe, dyeing it orange to mock the ruling Orange Party of the Dutch.  Not only recognized by its distinctive orange color, Mimolette also has a “lunar landscape” of a rind populated by cheese mites that burrow into the cheese during aging.  In the same family as Gouda, Mimolette has a toffee-like, caramel flavor with a savory, nutty backbone.  

Pair with light red wines or brown ales. Serve with dried fruits and candied nuts, or shave over root vegetable gratin.