The housing market is so hot that some owners of starter homes are reluctant to sell because they can’t afford to upgrade, leading to an acute shortage of homes for sale at lower price points
, where they could be subjected to the fierce and costly bidding wars that have become commonplace across the U.S.
“It’s hard to upgrade,” said Thad Wong, co-founder of Chicago-based brokerage @properties. “Even with low rates and the appreciation of their home, they can’t find something better than what they live in right now,” he said of prospective sellers. The fear of failing to find a new residence is the latest reason homeowners are staying in their homes longer than they did in the past. Many baby boomers are choosing to delay retirement or age in place. And now, some young families who want to trade up worry they’ve been priced out of their neighborhoods.
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