This story comes from https://fox8.com/ and it is another vindication of what I have been saying for the last 4 years. With no medium priced new homes being built for the most part from 2006-2016 inventory continues to be an issue in home inventory.
This Graph shows how many homes were built in 2010-2019. Most of them where 2017-2019. Not building homes for those many years and you throw in the whole COVID-19 no build. It creates a shortage of homes and it will be a while before we will catch up.
Interest rates will also be a factor and that will be questionable with inflation worries. The key is there will be a shortage for the next 3-5 years.
The mortgages today are higher quality and a lot of home buyers simply pays cash. You cannot foreclose on homes that have no mortgage.
Rental rates will also probably go up during the next 3-5 years. That is good news for investors and bad news for tenants.
Home prices may stabilize a bit and or they may not. The key is having the right information on the pricing trends in areas that are looking at buying in.
Need Real Estate Information Call 216-703-5740 I'm Brett at Fathom Realty or Email me By56083@gmail.com
Brett Young
MEGA Million Dollar Producer
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Thank you