Is it a buyer's market or a seller's market in real estate today?

If we look at the nation as a whole, we have about four and a half months of inventory. What does that mean? It means if every REALTOR stopped taking listings tomorrow, it would take about four and a half months to sell off the current inventory at the current sales pace.

Is that healthy? Is that where we want to be? Generally, a balanced market has about six months of inventory. So being slightly under that means sellers still have a bit more power overall. When a seller prices their home correctly and it's in good condition, they can still get plenty of showings and, in some cases, multiple offers — even in today's market.

This is also why home prices continue to rise, despite higher-than-normal interest rates and an economy that appears to be nearing a recession.

The limited supply keeps pushing prices up.

However, it's crucial to understand that real estate isn't just one giant national market. Real estate, like...

Here's some information that I think is super powerful that really no one talks a lot about. But it absolutely will impact you and I as REALTORS.

From 1968 to 2000, the average building in the country was 1.5 million new units. That's a long history there, 1968 to 2000. From 2000 to 2010, that number dropped to about 1.28 million units. Okay. Then we had a big building boom during the run up to the Great Recession. But then it collapsed and builders stopped building at all.

At the end of the day, when you add all those numbers together, what you find, and what analysts have found is that we are not building enough homes by a mile, right? And in fact, in order for us to just meet the supply demands of the country, we need to add 5.5 million housing units to our current inventory out there. And if we don't do that, we're gonna have perpetual low supply, which leads to higher prices and leads to kind of the market that we've just exited.

So in order to hit that level of ...