*Episode Disclaimer: The views and opinions on the housing market from this episode are held by the guests. If you are making active decisions involving navigating the current housing market, please seek the most recent counsel and advice from professionals in this field, such as those hosted in the episode of this show. 

Whether you’re 29 and looking for your first home, 45 and looking for rental properties to add to your rental portfolio, or 65 and looking to move into a new location for retirement, there are good odds you are feeling the stress of a housing market that is feeling a compilation of all the forces of supply shortages, the pandemic, cultural shifts, massive age and demographic shifts and other impacts all at once.

For many, homeownership isn’t at all an option. And for others - renting just makes much more sense. The Millennial generation has recently grown to the largest generation currently in the US, yet millennials don’t yet have the opportunity to create wealth to the same extent because their earning power has been reduced by the lingering effects of a recession. Homeownership has long been considered an important factor in wealth formation for middle-class households. The recent decline in homeownership, which has dropped to 62.9 percent, the lowest rate since 1965, could exacerbate income inequality. Yet, even with that taken into consideration, the United States housing market is tight and expensive and shows no signs of easing. Existing home sales hit a 15-year high in 2021, with 6.12 million sold, a jump of 8.5 percent, according to the National Association of Realtors. The median sales price climbed to 15.8 percent in that period. This is making it particularly hard for some groups -  sales to first-time homebuyers fell from 33% a year ago down to 27% in January. Under more normal conditions, first-time homebuyers would make up about 40% of sales. All in all, we can confidently say that the 2020s have been obscenely competitive for buyers.

Olivia VanOrsdale

Olivia VanOrsdale is a REALTOR® licensed in both her home state of Minnesota, as well as Wisconsin. She specializes in working with first-time home buyers & sellers and navigating the ever-changing real estate landscape through education & empowerment. Olivia is 1/3 of the VanOrsdale Group which is in the top 4% of all Edina Realty Agents. When not writing offers, she enjoys walking her dog, Poppy, around the lakes, tackling home reno projects, or trying out new Pho restaurants around the cities. Follow along on IG for all things real estate & more: @vanorsdalegroup_realestate

Max Rathmanner

Max Rathmanner has been helping individuals buy and sell real estate throughout the Twin Cities for the last 8 years and has recently started The Rathmanner Real Estate Team to offer a more comprehensive experience to all his clients.  He specializes in first-time homebuyers because he understands that it is more than just a transaction, it is an educational process for those buying their first home. He strives to make the home buying process as enjoyable as possible and works to ensure his clients achieve their goals of owning a home.  Max has been recognized and given many different awards over the past 8 years, from the TrailBlazer award presented by Twin Cities Real Producers in 2018 to be a part of Coldwell Banker Realty International Diamond Society again in 2021.  The reason Max sells real estate is because of the amazing relationships that are formed through the process of buying or selling.