Hello ,

 

The pandemic has done a lot of strange things to the global economy over the last 14 months, from creating a massive shortage of semiconductor chips to a ballooning supply of hand sanitizer.

The US housing market has gone haywire too, as urbanites took advantage of remote work to leave expensive cities and resettle in smaller towns across the US. But it's not all that simple. Glenn Kelman, the chief executive of Redfin, broke down some of his observations of just how unusual the current US housing market is in a Tuesday Twitter thread:

Inventory is down 37% year over year to a record low. The typical home sells in 17 days, a record low. Home prices are up a record amount, 24% year over year, to a record high. And still homes sell on average for 1.7% higher than the asking price, another record.

It has been hard to convey how bizarre the US housing market has become. For example, a Bethesda, Maryland homebuyer included in her written offer a pledge to name her first-born child after the seller. She lost.

"Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also."  Matthew 6:19-21

Worry won't get us anywhere, but trust in God can give us peace of mind. 

Have a great day and God bless!

 

Pastor Mike / The Open Word