As the 2021 rea estate boom continues with bidding wars and record-selling prices, it's common to wonder how we got to this point. The pandemic and lockdown forced us to accept personal changes that
Understanding The Current Housing Shortage
Dated: September 15 2021
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As the 2021 rea estate boom continues with bidding wars and record-selling prices, it's common to wonder how we got to this point. The pandemic and lockdown forced us to accept personal changes that we weren't expecting. Though hardships were plenty, many people came to realize that not all of the changes were negative. Working and learning from home helped us to find balance in our lives, and some befan seeking new home that were better equipped to help us embrace this new lifestyle. Others sought new homes to accommodate growing families.
For-sale signs started popping up here and there. People were eager to find their dream home, only to be disappointed when offers were rejected. Houses were frequently sold within hours of listing, and disillusioned buyers couldn't seem to catch a break!
But there's much more to the story. The upheaval of the past year has shed light on a problem that's been brewing for years. The housing crash of 2008-09 had a tremendous impact on the construction industry, resulting in a significant reduction in new home construction. This trend has continued for more than a decade, creating an inventory shortage of hundreds of thousands of units per year. By 2020, this resulted in an estimated shortage of 3.8 million houses, according to Freddie Mac.
While the real estate market will eventually level off, it may take longer for the construction industry to catch up with demand. In the meantime, buyers can work closely with their agents to help them understand and navigate these obstacles.
Karin Waterschoot-Perez
Executive Vice President of Sales Experienced Realtor, Karin Waterschoot-Perez, currently serves buyers and sellers located in and around Franklin County. With over 18 years of experience in the re....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
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