[quote=The-Shoveler]IMO Most long time home owners in SD either own outright or have mortgages in the 3’s possibly 2’s So they won’t be going anywhere soon IMO, sure there will be a few “must sell now”, but at some point the housing inventory will approach zero if current trend continues.[/quote]
I don’t know that either supply or demand goes to zero but agree that homeowners will and are digging in. We are basically there already where the amount of new inventory is quite subdued and demand even more subdued. We should get more build up next year but nothing like the levels of inventory we typically see. The market will be toughest on those who depend upon real estate transactions for a living especially lenders. Lots of agents have multiple gigs or working spouses in other fields. To the contrary people in the mortgage industry are more likely focused there and Breadwinners. Agents that are solo income providers for their household tend to be renters but lenders are far more likely to be homeowners. I did a couple dozen short sales for lenders last downturn. I expect a fair amount of pain among them again
