The Housing Market JUST Went From BAD To WORSE

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Right now, with all the demand for housing, property developers are on a MISSION to build homes as quickly as they possibly can…but, there’s a problem: they can’t keep up with demand…because they don’t have enough materials to build from. In the last year, LUMBER PRICES have gone up a whopping 200%.

Some analysis’s are actually calling for this to be the NEXT housing crisis…but, instead of it being caused by a wave of mortgage defaults on nonperforming loans…it’s caused by a lack of lumber, increasing the COST to build a new home by an average of $24,000.

To make matters worse, constraints in supply chains make it nearly impossible to produce the amount of materials needed to keep up with demand – meaning, at least in the short term, housing could remain unusually high – and the increase cost of building winds up being passed on to you, as the customer, in the form of a higher list price.

There is also a new proposal aimed at curbing the housing shortage within the infrastructure package: The plan would look to eliminate zoning and land use policies, which include minimum lot sizes, mandatory parking requirements, and prohibitions of multifamily housing. In its place, the zoning requirements would be restructured in a way that would reflect the current housing shortage, and the NEED to build more real estate in areas which would’ve otherwise have been off limits.

I THINK easing up on zoning CAN be a good thing for cities experiencing a housing shortage, and I do think we need to update the zoning requirement to account for the present day reality that not everyone needs a car parked on site…and that would HELP. BUT, as far as how this is written, unfortunately, it might not be enough.

Since this infrastructure plan would take place over 10 years, that probably won’t give any immediate relief to the housing market. And also – BECAUSE this gives a tax incentive…wealthier cities, who have the biggest housing shortage to begin with, have very little reason to actually go for it, because THEY don’t need the money to begin with.

So, in short…from my perspective, the whole plan has some good intentions, but ultimately…it might not have as much of an impact on the housing market as expected….

AND REALLY…At the end of the day…the housing market doesn’t really appear to show any immediate signs of slowing down. Interest rates are estimated to stay low for another 2 years, it could take 18 months or longer for building materials to come down in price, and until then – there’s still a housing shortage.

Obviously, these conditions can’t last forever – and when there’s such an imbalance between the number of buyers in the market and the number of homes for sale, EVENTUALLY – the tides will change. But, until then, if you’re in the market for a home – be patient, and only purchase a property that you intend on keeping for at least 5-10 years. That way, IF the market goes down – it won’t have an immediate impact on you – because, at this point – anything can happen. Rising interest rates, more inventory, and any change in policy COULD have an effect on housing – but, in the short term, if everything stays relatively the same – housing could very well continue going up.

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What do you think?


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  1. Only an idiot would sell stocks or a business or a home during a pandemic. That is you just giving away everything that you own freely.

    Really stupid if you are trying to get richer. You are better off buying more to profit more and stay in business.

    Really your loss is your loss caused by greedy business owners.

  2. Who cares about the home get the land. Then build a energy efficient home that does not depend on utility companies.

    Build your home disaster proof from better cheaper materials.

    If things fail go after all the rich and their families.
    All they are are criminal business owners.

  3. I bought my house from my uncle. He offered it to family before putting it on the market and did a gift of equity as a thank you since we just went straight through a mortgage broker he knew and that saved us on realtor fees. We closed august 2020. I'm pretty sure I'd still be living in my parents' basement without that because of how wild the market is and has been.

  4. We sold our 1940’s lightly updated 2br home in Seattle last March for 20% over asking (nearly $1000/sf). We have yet to land our next home but so far everything has gone 20-30% over asking. One house received 34 offers and almost everyone is waiving contingencies!!

  5. Unfortunately everything that he saying about the parking requirements from the city being negative is from somebody that lives on the “nice” side of town but for everyone that lives on the “humble” side of town parking is a huge huge issue. Its terrible. It’s actually impressive that the city is taking that into account and holding developers and investors accountable for the aftermath of what comes when more people live in confined areas. First hand knowledge from a resident, investor and developer in LA country.

  6. “You can waive the inspection contingency which almost no other buyer will do”

    Except now properties are selling so quick that you can’t inspect it ahead of time and everyone is waiving inspections.

  7. Graham Stephan, if you are a buyer over 60 years old, will you be discriminated for your age on buying a house in today's market? Will the dealer or such see your age and determine that theoretically, you won't live long enough to pay everything off or does that matter? I know someone who now has to put a 30% downpayment if they want a homes and want to know if that is common.

  8. It is all bullshit. There are plenty of buildings available for sale or rent in NYC. You can go to plenty of places in Jersey up for sale. The rush is on, but it is area specific. It is mass migrations out of bad areas. How can there be a rental/housing shortage with the increased deaths related to COVID?

  9. As for me the only problem is that I already live too close to my neighbors as it is. Changing zoning requirements to add another 4-6 families nearly on top of me – thanks.

  10. Easing up on zoning is a baaad idea!!! It's a pandoras box which will allow capitalistic greed to take over and you can not rely on people's good conscience to keep things working. I am speaking from experience. Having lived all my life in one the poshest localities in the capital of my country, Ive seen it go from a beautiful, planned township to absolute mess and chaos! There is never space to park, the place looks hideous and definitely not worth even a fraction of the millions of dollars purchase price if you were to consider the quality of life which has declined significantly over the years(after you normalize for improvement in the standard of living due to economic progress of the country as a whole and technological progress, etc.).

  11. Here in Denver Colorado metro area home prices are average half a million dollars. And thats just the asking price. All these Californians and out of state cash buyers bidding up the price of homes $100k or more over asking price. And homes are in the market just 1-3 days. Makes it impossible for first time home buyers to buy a home. I see some hope in El Paso Texas where homes are very super affordable. Hopefully move there soon.

  12. [13:50] Leasebacks are also good for the seller since, as they are moving out, they are likely looking for a new home wherever they are headed, and the leaseback means that during the leaseback and after closing, they have cash-in-hand when they themselves are house-hunting ahead of their move.

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