How Much Worse can the Housing Shortage Get?
There are lots of reasons for housing inventory issues that result in a shortage, and over the last two years we'd thought we'd seen them all, and then some. Now it seems that skyrocketing interest rates, once thought to awkwardly help rectify this matter seems to be having another effect entirely. The rates, now at their highest levels since the early 2000's have resulted in 10 straight months of declining Builder Confidence which has led to severe underbuilding. According to a senior Economist for the National association of Realtors® (NAR), there "appears to be no end in sight". The shortage of single-family homes varies anywhere from 2 to 6 million depending on who you ask, but Nadia Angelou from NAR suggests his association believes that number to be approximately 5.5 million homes. This is based on their use of their "Housing Shortage Tracker" which calculates this based on the number of permits issued for every two new jobs in 175 markets across the Country. The combination of severely reduced building and reduced inventory as a result of interest rates and the overall economy will likely only exacerbate this supply issue. This is yet another glaring example of why we created PropertyGuerilla.com and the method that we've focused on to search for real estate and housing. Don't just sit and wait for a home within your budget and area to hit the market and then react when it does, add another arrow to your quiver by changing the HOW you search, not just the WHAT. Our searches are driven from Buyers and Renters discretely broadcasting their real estate needs and allowing responses to come in as they match. When low inventory remains an issue, why not do everything in your power to "create" it? Like we've always said, sometimes the best opportunity is the one that no one else knows about. #realestate #housingshortage #lowinventory #realtor #nar #nationalassociationofrealtors #hosuingshortgaetracker #propertyguerilla