Running out of houses!!!

There is till a shortage of homes

Homes are a very hot commodity at the moment, everyone wants one but there is not enough. COVID-19 has boosted the market tremendously as I have mentioned in a previous post. Everyone from spring and summer are looking for a home but home owners are still very cautious about putting their home on the market. Usually this is the time where real estate slows down a bit because not many people are looking to move but this year has been quite the opposite.

As October began, homebuilding starts were up more than 8% compared to a year ago. But that increase in new homes on the market is still not enough to meet demand, says Lawrence Yun, chief economist of the National Association of REALTORS®. Housing starts in September were at a 1.42-million-unit production level on an annualized basis, but Yun says the annualized number of permits, 1.55 million homes, will better meet housing demand.

There is a need to build new homes now because the demand is so high and that will bring home prices up even more. If you have a home then this is a great time to sell and if you are looking to buy then i would be more than happy help.

To read the whole article then please click here: https://magazine.realtor/daily-news/2020/10/21/homebuilding-is-booming-but-is-it-enough