by Max Woods
on Wednesday, October 4th, 2023 at 11:53am.
When you look up information about today's real estate market, it is all too easy to find doom and gloom articles. Why wouldn't it be? Inventory nationwide is at historic lows, rents are increasing, wages have not kept up with inflation, and new homes are not being built fast enough to keep up with demand, creating a perfect cocktail of unaffordability. For us in real estate, we see it all too much. Buyers are being priced out of the market at a rate that is astonishing to even those who have been in the industry for 20-plus years. Being a Gen-Z realtor, it is scary… Will my generation be able to purchase a home by the time we are in our 30s?
We need to emphasize that, yes, it is intimidating to purchase a home right now; it is a scary thought and, for many, a dream that seems so far out of reach that it is best left alone. That's where I see a problem. Back when my parents were kids, it seems that you were almost expected to buy a home, not think, "Maybe one day…" Where did that mentality go? Why did buying a house become a question and not an expectation we set for ourselves? Okay, a lot has changed, and a lot of it is not in the future homebuyer's favor, but there is some good out there, too.
Why aren't we seeing more of the hands stretching out, providing light, and helping those eager enough to achieve their dreams? So many lenders and programs are doing their best to bring back the opportunity for those who think they might be unable to make the American dream a reality. Programs like WHEDA, Home Buyers Round Table, Own It, Movin' Out, HUD, and even the City of Madison and Dane County offer assistance to individuals to give them the best chance at building a more peaceful and financially beneficial future. Maybe it is time to shine more light on these things.
At the end of the day, yes, buying a home is a big scary thing. We will likely see the prices continue to rise and rise, setting the finish line a little further back year by year. Still, there is a big part of me that likes to believe that if we were to start pushing a brighter narrative on a more national scale, there might be a brighter future for those who are looking at beginning the journey of home ownership and start the development of more programs that are designed to help people purchase a home.