PG Calc Blog

It’s simply a matter of supply and demand - when demand outstrips supply, prices rise. That is the state of today’s real estate market in many parts of the country, and therein lies the opportunity for gifts of real estate. According to statistics issued by the National Association of Realtors, in April 2018 the median already-built home price rose 5.3% over the prior year, the 74th straight month there’s been an increase in the price of already-built homes. At the same time, the number of homes for sale fell over the prior year for the 35th consecutive month. In short, supply is limited and demand is outstripping supply, causing prices to rise for already-built homes.

I just returned from Spokane, where I attended my state bar association’s annual seminar for attorneys who practice real estate, probate, and/or trust law. In decades past, any given lawyer might work in all three of these areas (as well as in many other areas), and even today – especially in smaller communities – a few still do.