Holland And Zeeland Need Your House

Dated: 09/09/2017

Views: 231

America Needs Your House!!

America Needs Your House!! | Keeping Current Matters

The biggest challenge in today’s real estate market in HollandZeeland, and across the country 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):

Mark Fleming, First American’s Chief Economist

“The underlying fundamental issue is an overwhelming 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.”

Svenja Gudell, Zillow’s Chief Economist

“Everyone has been talking about tight inventory but I think we are OK calling it a straight up inventory crisis at this point. We just don’t have enough homes.”

Sean Becketti, Freddie Mac’s Chief Economist

“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.”

Lawrence Yun, National Association of Realtors’ Chief Economist

“Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.”

Bottom Line

If you are considering selling your house soon, now may be the time to get it on the market. The lack of competition could lead to a faster sale at a higher price.

Blog author image

John Faber

John Faber has lived in West Michigan his entire life and with strong family ties in the area, he takes his clients' needs to heart and treats them like family when helping them buy or sell a home. J....

Latest Blog Posts

Are Home Values Really Overinflated

Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report: “The median

Read More

Existing Home Sales Reach Highest Pace In 11 Years

Some Highlights: Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006. The inventory of existing homes for sale has dropped

Read More

Competing Offers Highest And Best

In our current housing market you may have heard the words “we are accepting highest and best offers.” What exactly does that mean? Well, it could mean A LOT of things. But generally what the

Read More

Full Time VS Part Time

It’s no myth that full-time workers accomplish more than part-time workers, generally speaking. When it comes to real estate, wouldn’t you want someone who is dedicated to giving you their all?

Read More