By the time the 2008 economic crisis hit the U.S., the country had more houses than it needed. This meant that homes were much cheaper back then. Fast-forward 8 years later, and you might be excused for assuming that a lot of those excess homes are still up for grabs, but that is not the case.
In fact, existing trends indicate that construction has not kept up since the crunch. The surplus is gone, and we now actually have a shortage of homes. If you have a pretty home in Florida it should sell fast but if you have an Ugly House in Miami you may need some help. Laurie Goodman and Rolf Pendall explain this better:
We’re Building 6 Homes for Every 10 New Households. Where Will People Live?
Since 2009, housing demand has significantly outstripped supply, quite significantly in some areas. In 2015, we estimate that more than a million new households were created but only 620,000 new housing units were completed, creating a shortage of 430,370 units. This gap has pushed up home prices and rents, a trend that will continue for the foreseeable future absent imminent policy changes. Read full post at Redfin.com…
By and large, the U.S. real estate market is doing well. However, this shortage of houses hints at serious trouble for potential buyers. There are just not enough properties available, and home ownership may become even more costly.
Even worse, the supply-demand gap is expected to continue to grow for a couple of years before a balance is struck. Keep in mind that baby boomers are living longer, and millennials are starting their families. Demand is not going down any time soon.
Lack of New Home Construction Is Bad Omen for Buyers
Trouble in paradise? By most standards, the national real estate market is booming. But not for everybody: Aspiring buyers frustrated by the lack of available properties and soaring price of homeownership shouldn’t expect to catch a break anytime soon.
With the pace of new home construction lagging well behind the surging demand for these residences, it looks like the housing shortage is only going to get worse. See full article at Realtor.com…
But bad news is hardly ever bad news for everybody. If you intend to sell your home, this is a good time to do so. And if you intend to sell off your home in Florida, you’ll be happy to know that the housing market in the state is doing quite well at the moment.
Home Prices Rising Fastest in These 10 Metros
Home prices continued their upward climb this quarter in these 10 metros, but a special occurrence is pushing up prices in Florida markets.
Clear Capital’s Home Data Index (HDI) Market report, which provides insights into housing price trends and other leading indices for the real estate market at the national and local levels, found that Seattle and Tampa metros hold the top spots for the highest price increases quarter-over-quarter, each reporting an increase of 2.0 percent for June and rising 12.4 percent and 12.2 percent year-over-year, respectively. Read full article at The M Report…
Simply put, it’s a good time to sell your Florida home, so if you’ve been thinking about it, you should make a decision now. Selling a house is often made out to be a difficult process that consumes time and money, but it doesn’t have to be.
If you’re looking for a quick cash sale of your house (regardless of its condition), and want to make the most of it without having to worry about fees, commissions or agents, call us today.
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by esther via Mason Buys Houses