In the midst of this housing market with all the houses and properties available and the market full with its Short Sales and Foreclosures happening on a daily basis, it is hard to conceive that there could be a housing shortage. According to the Chief Economist of the National Association of Realtors®, Lawrence Yun, a shortage is actually real. This is a situation that needs to be repaired. Home sweet homes should be available as needed for the responsible buyers.
In the high days of 2003-2006, many investors had bought many units to use as their investments. Since the financing was easy to get, lots of money available, it was easy to acquire properties and with lots of money floating around, a lot of properties where bought then but not all have sold. They are still on the market, or would be on it. Therefore a lot of homes seem to be available now, not sold, in foreclosures. That is the reality now. Time will bring a change which will happen hopefully soon.
Now, if we have lots of properties then available, how could it be a shortage of homes available? We are speaking about Clearwater area or any other area in the US. Now, according to Lawrence Yun, this shortage is due to the drop in new construction which followed in the quake of bad financing and so the housing real estate market crashed and with that, the construction of new homes. the underconstruction of the last 2-3 years is something that will need to be corrected.
Hard to believe but does seem true. There is an underproduction of homes right now which is real and which will need correction if we do not want to have a shortage of housing.
In the mean time, the amount of available properties available for sale is still large and someone interested in purchasing a home now has a very good choice and lots of leverage as being in the buyer seat. It is time to make a good deal. Great prices and great location are available in the Clearwater area. Just call me for more information.
See you soon.
Louise Alepins
Realtor
727 692 5970
www.homesclearwaterfl.com