Andrew Postell explains why homeowners locked into 2-3% mortgage rates aren't selling, shrinking new listings by 20-22%. Meanwhile, active unsold inventory in Texas is up over 100% year-over-year, forcing sellers to price aggressively or face months on market.
Chapters
Heyo, Andrew Postell here, Drew Two Time, and I'm gonna show you some numbers that are gonna blow your mind today. Let's continue our discussion about the new normal from the other day, right? The new normal. What's Andrew talking about? Well, the other day I was speaking about this huge pool of people that have 2 to 3% interest rates on their home that will never sell it. So how does this pool impact us if we are in the real estate housing industry? Let me show you some numbers. Just yesterday, Redfin and Realtor both released numbers that show that the new listings are down 22%, 20%. This is pretty close. We're in the buying season. Being down 20% is huge. This is shutdown numbers. April 2020, you know, right when the world was shutting down, April 2020, 20% less listings when everything was closed. That's what's happening right now. That's these people who will never sell. They are directly impacting the inventory on the housing market. Now, if you're like me, you might see some other numbers that show that we have more listings on the market. Why do we have more listings if less people are putting their home on the market? Because they're not selling. All right, so in the DFW area, this is for March. April gets released in the midpoint. We're 130% more listings than last year, 16,400. For the entire state of Texas, we're up 113%. We have 78,000. This is a lot of homes that are just sitting around. If you don't have your house priced right and looking good, you're going to be one of these Thousands of homes that are just going to sit on the market for a long time. This is the new normal. Hope this makes sense how I'm describing it. Thanks for watching today's Drew 2. We'll talk with you soon.
