Realtor Andrea Corollo prepares for a showing of a villa on Butternut Avenue in Detroit, USA. Despite the fact that the house has recently been advertised, the offers are pouring in and those who want to buy a home must be quick and willing to pay.
– I have actually advised clients who want to buy to live with a family member at low rent or for free, says broker Andrea Carollo.
The low supply is just a symptom of an unbalanced market. Inflation, rising prices and interest rates of nearly seven percent currently characterize large parts of the American real estate market, which has led to millions of young American adults being forced to move back in with their parents.
– The opportunities for a first-time buyer to enter the housing market are small and for nearly a third of those under 35 there is only one option when rents are soaring – to move home, says SVT’s US correspondent Stefan Åsberg.