Today Windermere Real Estate's Chief Economist Matthew Bardner stopped by Medford. He spoke about Medford's housing market and what is expected. He says the country is really having the same housing issues right now. The West Coast and East Coast are especially struggling with young adults buying their first homes, because they just can't afford them.
Houses are being built that millennials can't afford or even want and that's a concern he says again is across the whole country. Builders are not building to that age demographic and he says they should be.
Newswatch 12's Leah Thompson asked Matthew if Medford is in a housing crisis because of these reasons and the fact it is so hard for anyone in the area to own a home. He says no.
Matthew Gardner says "No I don't. I think if anyone is trying to take the comparisons of now to 2008 is looking at it all wrong. In 2008 the reasons why the bubble burst was an awful lot of speculate investment, but more importantly a lot of people buying homes that quiet frankly shouldn't of been. They couldn't afford them, they really couldn't afford the mortgages."
On the opposite side if you are looking to sell it is a good time to do so. He says it's interesting, because when people retire they look to downsize and Matthew says that's just not happening right now.