Watch the livestream from Inman Connect Las Vegas today through Friday for free by joining Inman Select. Get full access to all Inman news stories for one year for the half-off price of $99.

You hear the whispers everywhere you turn: Home prices are so over the top that nobody wants to buy.

But while rising home prices have sent affordability plummeting nationwide, agents aren’t sitting back and waiting until the market turns around.

Indeed, the current seller’s market is leading to untapped opportunities in other areas of the market, according to experts who spoke Wednesday on a panel entitled, “The Housing Market You Want Is Here Now, You Just Haven’t Noticed” during Inman Connect Las Vegas.

Patrick Stone

“I’ve been trying to find a year that’s been a normal market over the last 40 years,” said Patrick Stone, founder of Williston Financial Group. “I haven’t found it.”

While wage growth and high employment contribute to rising home values, they also give more people the opportunity to buy, according to Stone. Low interest rates are also allowing first-time homebuyers to make the switch from renting to owning.

“Interest rates being down is great for us,” Stone said. “It allows more people to buy.”

Dolly Lenz, the founder of Dolly Lenz Real Estate, said that new development and rising employment is leading to activity in unexpected places — Boise, Idaho and Naples, Florida, for example.

Baby boomers who pass wealth down to their children also improve the market. According to Lenz, millennials may take longer to buy a family and form a home, but most will eventually want to stop renting. She believes that we may have already passed the slump that came from millennials not being able to buy homes. As many grow older, pay down student loans and form joint households, the desire to buy increases as well.

Dolly Lenz

“It might take longer, but they’ll get to the same place,” she said, adding that first-time homebuying is expected to explode in the coming years. “They’ll want to own.”

Lenz added that, although we no longer see the same bidding wars and ultra-competitive market of a decade ago, people are still seeking to buy. As a result, agents should tap into previously unexplored pockets of opportunity — first-time homebuyers, in particular — to take advantage of whichever way the market turns.

“We see general cautious optimism,” Lenz said.

Email Veronika Bondarenko

 

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription