Despite 2022 proving to be a difficult home-buying environment, demand still remains high as home prices fell for the seventh straight month in January. Century 21 CEO Michael Miedler told Yahoo Finance Live that there has been a shift in regionality as prospective buyers look for the best deals.
"We've seen the south, especially states like Texas and like Florida really being drivers," he says.
"Just this last month, it's really been the northeast who's been holding steady and increasing from an overall housing perspective," he continues.
Miedler adds that the serious buyers are seeing "a little bit less competition" at current mortgage rates, but the biggest issue he forecasts is inventory. "We're under about three months of inventory when a normal market is about six months," he explains.
Key Video Moments:
00:00:14 - States driving demand
00:00:35 - Inventory driving issue
00:00:51 - Less competition
- Where are you seeing the most pickup? Is there any shift in regionality that you're also seeing, even as home buyers and prospective buyers are looking for deals where they can find them?
MICHAEL MIEDLER: Brad, it's a great question. And there actually has been, right? We've seen the South, especially states like Texas and like Florida, really being drivers. And just this last month, it's really been the Northeast who has been holding steady and increasing from an overall housing perspective. Just literally on my block this week, yesterday, there was an open house. I must have saw 30 families through that open house.
And so I think inventory continues to be the driving issue, right? We're under about three months of inventory when a normal market is about six months. And homes that are out there and go to market are selling within 30 to 35 days. So the serious buyers, the folks who I think have been in the market for a while and are truly looking for that home are seeing a little bit less competition with where mortgage rates are. But there's still a lot of folks out there who are looking to buy and sell homes.