How To Solve The Housing Inventory Crisis


How To Solve The Housing Inventory Crisis
By Scott Rogers • March 24, 2021
Here are the top three ways to solve our current housing inventory crisis... New Construction New Construction New Construction No, but really. Keep reading to find out why... Let's think about it for a moment... here are how there come to be new listings for sale... Selling To Buy - This is a new listing, but it doesn't actually help. A homeowner selling their home in order to buy a new home in the same market doesn't help the inventory numbers. Selling To Leave - These are new listings, but for every homeowner who decides to leave this area over the next year there are likely to be that many (or more) people deciding to move into this area who will want to buy a house. Thus, this relocating seller helps the inventory crisis a bit, but that help is offset by every buyer relocating into the area. Selling to Go To A Retirement Community - These new listings help, but there aren't a significant enough number of these to meaningfully affect our housing inventory crisis. Selling To Rent - These new listings help, but they seem to be few and far between. Most folks aren't selling their homes in order to then go rent a home in that same market. So, this could help quite a bit, must I don't anticipate a large number of homeowners deciding to sell and then rent over the next year. Selling A Rental Property - These listings help, but again, there don't seem to be all that many owners of rental properties that are selling. If anything, there seem to be more investors buying properties right now (reducing inventory) than there are selling existing rental properties. So, as you can see, all of these ways in which new listings come about are not likely (in the current market at the current time) to help us dig our way out of our local housing inventory crisis. So, what's the answer? Basically, the only way we will make meaningful progress towards addressing this crisis in housing inventory is if quite a few new homes are built! Here's hoping that area builders will be building some new homes for buyers to buy in 2021 and beyond in Harrisonburg and Rockingham County! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
Comments (0) or Subscribe