The biggest challenge in today’s real estate market is a
lack of housing inventory. How big of a challenge is the housing shortage? Here
are what four industry economists are saying on the issue (emphases
added):
“The underlying fundamental issue is an overwhelming
lack of supply… The supply of newly constructed homes is also sagging,
adding to the supply challenges. Over the last
eight years, housing demand has increased by 5.9 million, but the net new
number of housing units has only increased by 3.5 million.”
“Everyone has been talking about tight inventory but I think
we are OK calling it a straight up inventory crisis at this
point. We just don’t have enough homes.”
“House prices today are higher than they were at the peak in
the summer of 2006, near-record-low mortgage rates have boosted housing demand,
and sales volume is robust. The spoiler is the lean inventory of houses
for sale.”
“Listings in the affordable price range continue to be
scooped up rapidly, but the severe housing shortages inflicting many
markets are keeping a large segment of would-be buyers on the
sidelines.”
Bottom Line
If you are considering selling your
house soon, now may be the time to get it on the market. The lack of
competition could lead to a faster sale at a higher price.
Contact your local expert’s at The Melissa Thompson Team at 901-729-9526 or Melissa@YourKeyTomemphis.com to find out how much your home is worth.
By: KCM Crew
