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 anoverwhelming 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.”
“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.”
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"Tom is a wonderful agent. The first time we used him we were relocating to the area and had no time to fly in to house hunt. His response to our inquiries was very timely, professional and courteous. He went to great lengths to line up houses and then we would walk through the homes with him via Skype. He always went the extra mile. A great pleasure to work with.
Tom was an absolute delight to work with. Both personal and professional he helped me sell a property that had been listed several times with no success. I would definitely recommend his service."