I have always said that first time buyers grease the real estate market. Not that I’ve played much baseball since I was a kid, but I always pictured the market this way: The bases are loaded with people who needed to buy and sell, then a first time buyer hits a home run and lets everybody else move. Being the person who didn’t have anything to sell kept the market moving.
That wonderful analogy that I have been using my entire career doesn’t work any more.
First time buyers are struggling to get a house. The person on first base can’t find their second base house, the second base person can’t find their third base house, etc. They know selling their old house will be easy, but they dread the thought of being a buyer right now. So they stay put….and that first time buyer keeps striking out.
Now that I think about it, being a realtor feels just like when I went on a 7th grade field trip to see the Reds play. There was a lot of waiting for something to happen, and then a brief moment of excitement. That is how the market is today. A lot of waiting. A lot of checking for new listings. A lot of networking to find houses not on the market yet. Then when a house that meets your buyer’s criteria hits the market, a lot of excitement.