I was talking with my broker the other day and he was saying about 20 or 30 years ago there was abundant inventory available for buyers.

Typically, you might take buyers around to see 10, 12, or 15 properties in a weekend and eventually settle on a favorite property to put in an offer.

But those dynamics have greatly changed.

Today, inventory continues to be limited. If my buyers and I find a suitable property at a reasonable price, we might want to get an offer in right away. The best properties go into escrow quickly and prices continue to rise. My broker said that as a rule, people would typically stay in a home for seven o eight years average and then trade up or down. But properties are now being held for an average of 12 years, contributing to lower inventory.

One issue is that those 55 years old and older now own over half of homes nationally and are reluctant to sell. The reasons cited include that they like their home, have a low mortgage rate or they don’t want to deal with moving or booking a taxable gain.

Unfortunately, the younger generation is having trouble purchasing a property.

Prices are high, down payments are lacking and mortgage rates are elevated. My friend was able to purchase a smaller home with her husband using the VA loan based on his service in the Marines. Years ago that home would serve as a starter home but now that home will likely serve as their primary home for the extended future.

Another significant issue facing younger people is high student debt for some, which impedes the ability to save for a downpayment and to qualify to purchase a home.

My friend and her husband avoided expensive universities and have no student loans which certainly helped them qualify for their purchase. Young people may need to rethink their paths forward obviously in this quickly changing landscape. I would say that all options should be on the table.

I have another friend who recently purchased a home in the town of Jacksonville, North Carolina for under $300,000. Out of curiosity I did a search of that area and found some very cute homes in that price range.

So moving to another area, although unnerving, could more easily allow for a home purchase and the laying down of some new roots.

MARKET REPORT (Single Family): Área universitaria (92115): median price down 14% year over year to $950,000 with 31 homes for sale, inventory up 13%. San Carlos (92119): median price down 11% to $1,010,00 with 14 homes for sale, up 8% year over year. Del Cerro/Allied Gardens (92120): median price up 6% to $1,180,000 with 25 homes for sale, up 14% year over year.

Sarah Ward is a REALTOR with Fine & Coastal. Reach her at: [email protected].