#underbuild

[beardedmrbean]

A Nebraska lawmaker whose north Omaha district has struggled for years with a housing shortage is pushing a bill that, if passed, could make Nebraska the first in the country to forbid out-of-state hedge funds and other corporate entities from buying up single-family properties.

Sen. Justin Wayne’s bill echoes legislative efforts in other states and in Congress to curtail corporate amassing of single-family homes, which critics say has helped cause the price of homes, rent and real estate taxes to soar in recent years. Wayne said that has been the case in his district, where an Ohio corporation has bought more than 150 single-family homes in recent years — often pushing out individual homebuyers with all-cash offers. The company then rents out the homes.

Experts say the scarcity of homes for purchase can be blamed on a multitude of factors, including sky-high mortgage interest rates and years of underbuilding modest homes.

RISING RENT PRICES PUSH RECORD NUMBER OF AMERICANS TOWARD HOUSING CRISIS, PROMPTING LEGISLATIVE ACTION

Wayne's bill offers few specifics. It consists of a single sentence that says a corporation, hedge fund or other business may not buy single-family housing in Nebraska unless it's located in and its principal members live in Nebraska.

"The aim of this is to preserve Nebraska's limited existing housing stock for Nebraskans," Wayne said this week at a committee hearing where he presented the bill. "If we did this, we would be the first state in the country to take this issue seriously and address the problem."

A 14-page bill dubbed the End Hedge Fund Control of American Homes Act has been introduced in both chambers of Congress and would impose a 10-year deadline for hedge funds to sell off the single-family homes they own and, until they do, would saddle those investment trusts with hefty taxes. In turn, those tax penalties would be used to help people put down payments on the divested homes.

Democratic lawmakers in a number of other states have introduced similar bills, including in Minnesota, Indiana, North Carolina and Texas, but those bills have either stalled or failed.

The housing squeeze coming from out-of-state corporate interests isn't just an Omaha problem, said Wayne Mortensen, director of a Lincoln-based affordable housing developer called NeighborWorks Lincoln.

Mortensen said the recession of 2008 and, more recently, the economic downturn driven by the COVID-19 pandemic made single-family housing a more attractive corporate investment than bond markets.

"When that became the case, housing was commoditized and became just like trading any stock," he said. "Those outside investors are solely interested in how much value they can extract from the Lincoln housing market."

Those corporations often invest no upkeep in the homes, he said.

"And as a result of that, we're seeing incredible dilapidation and housing decline in many of our neighborhoods because of these absentee landlords that have no accountability to the local communities," Mortensen said.

Currently, about 13% of single-family homes in Lincoln are owned by out-of-state corporate firms, he said.

As in other states, Wayne's bill likely faces an uphill slog in the deep red state of Nebraska. At Monday's hearing before the Banking, Insurance and Commerce Committee, several Republican lawmakers acknowledged a statewide housing shortage, but they cast doubt on Wayne's solution.

"You know, you can set up shell companies, you set up different layers of ownership. You can move your domicile base. There's just a ton of workarounds here," Omaha Sen. Brad von Gillern said. "I also — as just as a pure capitalist — fundamentally oppose the idea."

[darkmaga-returns]

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Speaking with NBC News on Thursday, the president-elect was asked about how much it would cost to carry out his deportation plan, which he made reference to numerous times during his presidential campaign.

“It’s not a question of a price tag,” Trump said, adding that “really, we have no choice.”

“When people have killed and murdered, when drug lords have destroyed countries. And now they’re going to go back to those countries because they’re not staying here. There is no price tag.”

His campaign had pledged to expel about 11 million people who are not authorized to be in the United States, although Trump himself has said he believes that as many as 21 million are in the country illegally.

“We obviously have to make the border strong and powerful, and we have to—at the same time, we want people to come into our country,” he said before signaling that the United States still needs legal immigrants.

“And you know, I’m not somebody that says, ‘No, you can’t come in.’ We want people to come in.”

Both Democrats and the nonprofit American Immigration Council have been critical of the mass deportation proposal, with the NGO estimating in a report that Trump’s plan may cost as much as $315 billion overall.

In campaign events and media appearances, both Trump and Vice President-elect JD Vance have said that Americans would see longstanding economic benefits from the deportation plan. During his only debate with Minnesota Gov. Tim Walz, Vance said that illegal immigrants are a reason why housing and rent prices have soared across the United States in recent years.

“Kicking out illegal immigrants who are competing for those homes” would help bring down housing costs, Vance said on Oct. 1.

Some economists have disagreed with Vance’s assertions, saying that the increase in housing prices stems from a long period of underbuilding in the United States due to land-use regulations.

But aside from the economic impact, Vance has argued that illegal immigration has devastated parts of the country, including places that are far from the U.S. border with Mexico. Illegal immigrants have overwhelmed schools, hospitals, and other systems across the United States, he’s said on several occasions, including during his debate with Walz, who was Vice President Kamala Harris’s running mate.

“In communities all across this country, you’ve got schools that are overwhelmed, you’ve got hospitals that are overwhelmed, you have got housing that is totally unaffordable because we brought in millions of illegal immigrants to compete with Americans for scarce homes,” Vance said in his lone debate.

Trump has vowed to invoke the Alien Enemies Act, a 1798 law signed by second President John Adams that allows the president to deport any noncitizen from a country the United States is at war with. He has spoken about deploying the National Guard, which can be activated on orders from a governor.

[st-just]

I’m haunted by the specter of what’s happened over the past decade with homelessness in Los Angeles. In 2016, LA voters overwhelmingly passed Measure HHH, raising taxes on themselves to pay for the construction of new supportive housing to fight homelessness in the city. But the measure didn’t do anything to reduce the permitting barriers to siting affordable housing developments, so actual production fell far short of proponents’ goals. Meanwhile, overall zoning in LA massively underbuilds market-rate housing, so more and more people were becoming unhoused even before the pandemic and the Zoom Shock sent housing demand soaring.

-Matthew Yglesias

[zerogravityinq]

fuck it i wanna talk about bodies!

So Bruce is the closest to his comics canon counterpart - broad shoulders, thick chest, slim waist and narrow hips but thick thighs BUT he does run a bit slimmer than canon Bats does. Like about Pattison's build and gradually getting to how he is in Dan Mora size. I imagine he has longer legs and a relatively short torso in comparison. If this man doesn't wear like a thirty something in pants, i am suing. Like even though he is slimmer doesn't mean he isn't still bulky as fuck.

Harry is the biggest change from his canon counterpart. He has muscles. Not like huge ones because he just isn't genetically built like that but he is a lot more bottom heavy than top heavy. He's not really stocky because he isn't thick. He's very much a sleeper build. A lot of his muscle and weight is in his legs and it shows in his fighting since he's more kick heavy. Shorter legs but longer torso.

Babs, since the Killing Joke did not cripple her, is a lot more balanced. She isn't a crazy powerhouse but she can take a fight and turn it in her favor. She has a stealth build until she becomes a cop. Then she lets it be a bit more obvious she can take down a perp with little help. She has built legs but works to keep her body more balanced.

Dick is also pretty close to how he is in comics but his legs are a bit thicker from his years of broom flying or flying with Wixan. He has equally long legs and torso but he's still shorter than Bruce and Jason. Since he has a lot of mass in his shoulders and arms, he comes off as stocky. Has a pretty face but he wouldn't be able to pass as a girl once he hits puberty.

Tom is the tallest of the gotham vigilantes at 6 ft 6 and he's like 80% leg [jason insists that the other 20% is unadulterated spite but what does he know?] so he looks a lot leaner than he actually is. Like Harry, he just isn't built to bulk up but he is strong. if he puts on any kind of muscles, it is suprisingly in his shoulders and upper arms like Dick. Even when he was Voldemort he was relatively broad shouldered but now he is even more top heavy. He uses his legs a lot but more to extend his reach or to yank someone in range.

Cass is just as she is in canon so no notes. [kisses her forehead] you are perfect

Jason is one of the bigger changes - he isn't full of Lazurus roids and comes by his build honestly. He's a lot more balanced in his build, a complete all rounder since he does a little bit of everything. Most balanced body out of the Bats aside from Cass and maybe Babs.thick arms, legs, chest and he isn't as heavily scarred as his canon counterpart - magic heals a lot.

Jazz is far more muscular than her canon counterpart with her getting into training instead of just some martial arts lessons with her mother. She takes a lot more after Jack with his height and leans more bulky but not as say Jason or Bruce. Her hips are pretty wide though which she inherited from her mother and sometimes uses that to hip check goons and some of the skinnier villains [like Scarecrow and he gets so mad about that lmao].

Steph is pretty close to her canon counterpart. She is a bit more brawl heavy than she is in canon and is more likely to use her feet than her hands since she needs her hands to do medic things. Aside from that, pretty much the same.

Conner, by virtue of being an imperfect clone, is also different. He does have the underbuild of Clark but he's thinner and more lanky like Harry. Also he actually trains and spars like the rest of the Bats so he can fight more efficiently [Bruce uses Conner as an example as to why Clark should train without his powers much to Clark's chagrin] and he easily can fight even without his pwoers or magic. Magically speaking he isn't the most powerful but he can tank a lot of damage and do some neat things because of it - like apparate silently or to space.

Tim is also different. He is closer in build to his Batman Beyond version by virtue of the joker jr incident. He was in similar build to Harry but a lot of that waned when he took over as Oracle. He has some muscle mass left but he turned that into being fast and agile instead and isn't the main one in the fight.

Damian is a lot heavier than his canon counterpart by virtue of having a different mother. He grows fast and his affinity for Bruce's build is apparent early. Big chest and toned legs once he's of age. He's shorter than Bruce but isn't a bad height at 6 ft 2. His muscles shift from agilty to strength once he retires from being a vigilante and becomes a magizoologist full time. Unlike his peers he's far more hands on, wrangling creatures instead of just trying to magic them.

Terry takes more after Harry thus grows to be lanky and about Damian's height give or take an inch. He looks a lot like Terry McGinnis despite being raised by Bruce because genetically he is like Harry. He doesn't put on muscle too heavy and thus he is a far more agile Batman than Bruce was but not as top heavy and bulky as Nightwing. Pretty leggy and has a shorter torso much like Bruce.

Lilith is somewhere in between Martha Wayne [classic hourglass] and Lily Potter [a bit lanky but bottom heavy]. She has muscle mass from training and ghost fighting but that puts her more or less in the same group as cass - not obviously a fighter but totally will rock the shit out of you. Older she is move obviously muscular as High Crown Princess.

Danny takes a lot after Bruce, he looks more like a clone than Terry does. When he gets his memories back, he has a bit of body dysmorphia because he doesn't look too far off from Dark Danny did in that evil timeline. Harry points out that his coloring is different and his muscles are from training and genetics not, you know, murdering the world. He eventually settles down with it.

[nsrealestate]

Buyer Bright Spot: There Are More Homes on the Market

The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.

But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.

1. There Are 22% More Existing Homes for Sale

Data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. And experts say your pool of options is expected to get even better this year. Forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):

Here’s why this is so good for your search. If you haven’t seen a house with all the features you need, just know that, as the number of homes for sale grows, you’ll have more options to choose from. That means a better chance of finding a home that checks all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, says:

“It could be a particularly good time to get out into the market . . . you're going to have more choice. And that's not something that buyers have really had much over the past several years.”

2. There Are More Newly Built Homes on the Market

According to data from the Census and the National Association of Realtors (NAR), 31.1%, or roughly 1 in 3, homes on the market right now are newly built homes. That’s more than the norm (see charts below). But don't worry, that's not because builders are overdoing it – it’s just that they’re trying to catch up after years of underbuilding.

And the best part is, since builders have been focusing on smaller homes with lower price points, you may actually find out new builds are less expensive than you’d expect. So, while a lot of people write off new construction because it’s easy to assume the costs are way higher, lately, that price gap isn’t as big as you’d think. As CNET says:

“If you live in an area where there's a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”

If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds. If you don’t, you may have been cutting your pool of options by about a third.

Bottom Line

More choices could be the key to unlocking your homebuying goals in 2025. Reach out if you want to see what’s available in and around our area.

What features are you looking for in your next home? Let me know and I’ll put together a list of homes you’d love.

[thelistingteammiami]

Buyer Bright Spot: There Are More Homes on the Market

Hello, World!

Buyer Bright Spot: More Homes on the Market | Scott Lehr PA | The Listing Team

Buyer Bright Spot: There Are More Homes on the Market

Buyer Bright Spot: There Are More Homes on the Market

The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.

But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.

1. There Are 22% More Existing Homes for Sale

Data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. And experts say your pool of options is expected to get even better this year. Forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):

Here’s why this is so good for your search. If you haven’t seen a house with all the features you need, just know that, as the number of homes for sale grows, you’ll have more options to choose from. That means a better chance of finding a home that checks all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, says:

“It could be a particularly good time to get out into the market . . . you're going to have more choice. And that's not something that buyers have really had much over the past several years.”

2. There Are More Newly Built Homes on the Market

According to data from the Census and the National Association of Realtors (NAR), 31.1%, or roughly 1 in 3, homes on the market right now are newly built homes. That’s more than the norm (see charts below). But don't worry, that's not because builders are overdoing it – it’s just that they’re trying to catch up after years of underbuilding.

And the best part is, since builders have been focusing on smaller homes with lower price points, you may actually find out new builds are less expensive than you’d expect. So, while a lot of people write off new construction because it’s easy to assume the costs are way higher, lately, that price gap isn’t as big as you’d think. As CNET says:

“If you live in an area where there's a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”

If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds. If you don’t, you may have been cutting your pool of options by about a third.

Bottom Line

More choices could be the key to unlocking your homebuying goals in 2025. Reach out if you want to see what’s available in and around our area.

What features are you looking for in your next home? Let me know and I’ll put together a list of homes you’d love.

[28northgroup]

Buyer Bright Spot: There Are More Homes on the Market

The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.

But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.

1. There Are 22% More Existing Homes for Sale

Data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. And experts say your pool of options is expected to get even better this year. Forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):

Here’s why this is so good for your search. If you haven’t seen a house with all the features you need, just know that, as the number of homes for sale grows, you’ll have more options to choose from. That means a better chance of finding a home that checks all your boxes. As Ralph McLaughlin, Senior Economist at Realtor.com, says:

“It could be a particularly good time to get out into the market . . . you’re going to have more choice. And that’s not something that buyers have really had much over the past several years.”

2. There Are More Newly Built Homes on the Market

According to data from the Census and the National Association of Realtors (NAR), 31.1%, or roughly 1 in 3, homes on the market right now are newly built homes. That’s more than the norm (see charts below). But don’t worry, that’s not because builders are overdoing it – it’s just that they’re trying to catch up after years of underbuilding.

And the best part is, since builders have been focusing on smaller homes with lower price points, you may actually find out new builds are less expensive than you’d expect. So, while a lot of people write off new construction because it’s easy to assume the costs are way higher, lately, that price gap isn’t as big as you’d think. As CNET says:

“If you live in an area where there’s a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”

If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds. If you don’t, you may have been cutting your pool of options by about a third.

Bottom Line

More choices could be the key to unlocking your homebuying goals in 2025. Talk to a local agent if you want to see what’s available in your area.

What features are you looking for in your next home? Let an advisor know so they can put together a list of homes you’d love.

[bonastudios]

TRENDnet 100 Base-T to 100 Base-FX Multi-Mode SC Fiber Converter, Standalone, 10/100 Mbps Auto-MDIX Fast Ethernet Port, Fiber Networking up to 2 km (1.25miles), 200 Mbps Switching Capacity, TFC-FMSC

Price: (as of – Details) Trendnet’ s TFC-FMSC, Fast Ethernet fiber converter, is a multi-mode SC-Type fiber converter that converts 10/100 Mbps Ethernet to 100 Mbps fiber and spans distances up to 2 km (1.25 mi.). Ports include a 100Base-T (RJ-45) port and a 100Base-FX (SC-Type) fiber port. Building-to-building well suited for corporate underbuilding and intrabuilding backbones where fiber…

[bubble-pop-bliss]

This TikTok is how I feel while playing with an underbuild characfer in wuwa

[third-new]

Homes in Short Supply: How Will the Census Shape the Housing Market in 2025?

In today's unaffordable housing market, high mortgage rates are only part of the problem. Potential home buyers also face a long-term problem housing shortage. More than a decade of underbuilding has left the country with a a deficit of almost 1.5 million new homes. At the same time, current homeowners holding on to their lower mortgage rates are freezing resale inventory in what's called…

[newtras]

Homes in Short Supply: How Will the Census Shape the Housing Market in 2025?

In today's unaffordable housing market, high mortgage rates are only part of the problem. Potential home buyers also face a long-term problem housing shortage. More than a decade of underbuilding has left the country with a a deficit of almost 1.5 million new homes. At the same time, current homeowners holding on to their lower mortgage rates are freezing resale inventory in what's called…

[satrthere]

Homes in Short Supply: How Will the Census Shape the Housing Market in 2025?

In today's unaffordable housing market, high mortgage rates are only part of the problem. Potential home buyers also face a long-term problem housing shortage. More than a decade of underbuilding has left the country with a a deficit of almost 1.5 million new homes. At the same time, current homeowners holding on to their lower mortgage rates are freezing resale inventory in what's called…

[newsmatik]

Homes in short supply: what will the housing market look like in 2025?

In today’s tight housing market, high mortgage rates are only part of the problem. Home buyers are facing a prolonged housing shortage. More than a decade of underbuilding has left the country with a deficit of nearly 1.5 million new homes. At the same time, current owners who are keeping their mortgage rates low are freezing their sales listings in what is known as the “rate-lock effect.” When…

[terrakan]

Unlocking Potential: How AI is Helping Tackle the Affordable Housing Crisis

The global housing crisis is more severe than ever. Millions of families struggle to find affordable homes in cities worldwide, and as urban populations grow, the gap between supply and demand widens. Fortunately, artificial intelligence (AI) is emerging as a valuable tool to address these challenges by streamlining housing development and improving resource allocation.

While AI alone can’t fix the entire affordable housing crisis, it offers significant potential to make homes more accessible and affordable for a broader population. Let's take a closer look at how AI is transforming urban planning, land use, and housing construction—and how companies like Terrakan are using this technology to unlock the hidden value of land.

1. AI-Powered Urban Planning

Urban planners face the challenge of predicting future housing needs. Overbuilding can waste resources, while underbuilding leaves families without homes. AI can help analyze data like population growth, migration trends, and economic conditions to predict where housing is most needed. This kind of predictive modeling ensures that developers and governments can focus on areas where affordable housing projects are likely to have the greatest impact.

At Terrakan, we leverage data-driven insights to help property owners and developers make informed decisions, ensuring that every piece of land is used in the most efficient and impactful way possible.

2. Optimizing Land Use for Affordable Housing

AI-powered geospatial analysis tools allow cities to identify underutilized or vacant land for affordable housing development. A prime example is CityBldr, which uses AI to help cities and developers identify land parcels that are overlooked for residential use. This technology pinpoints vacant lots or older commercial properties that can be repurposed into affordable housing.

By partnering with Terrakan, property owners can access AI-driven insights that help unlock the full potential of their land, whether it's for affordable housing or other impactful projects.

3. Streamlining Construction Costs with AI

Construction costs are one of the most significant barriers to affordable housing. AI can optimize workflows, reduce errors, and streamline the building process. Tools like Doxel use AI and computer vision to monitor construction progress in real-time, cutting down on inefficiencies and project delays.

At Terrakan, we see immense potential in using AI to streamline projects, reduce costs, and develop affordable housing solutions that maximize every dollar spent.

4. AI for Fair Housing Allocation

In addition to streamlining development, AI is helping make the distribution of affordable housing more efficient and equitable. Housing allocation is often plagued by delays and bias, but AI systems can automate and optimize the process, ensuring fair distribution based on objective criteria.

Companies like Terrakan are at the forefront of leveraging AI to improve land use and housing allocation strategies, ensuring that affordable housing reaches the communities that need it most.

5. AI for Sustainable Housing

Smart home technologies and AI-powered systems can make affordable housing more energy-efficient and sustainable, reducing costs for residents in the long run. Tools like Gridium monitor energy usage and help optimize buildings for better efficiency, making homes both environmentally friendly and cost-effective.

By using advanced AI solutions, Terrakan helps property developers not only make homes more affordable to build but also more affordable to live in.

How Terrakan Helps Uncover Opportunities, at Terrakan, our mission is to uncover the hidden potential of land and help developers and property owners bring innovative solutions to life. Whether it's identifying underutilized land for affordable housing or optimizing project outcomes with AI, we're committed to making housing more accessible. Visit Terrakan to learn more about how we can assist with your next development project.

[kmrealtygroup]

Not a Crash: 3 Graphs That Show How Today’s Inventory Differs from 2008 | KM Realty Group LLC

Even if you didn’t own a home at the time, you probably remember the housing crisis in 2008. That crash impacted the lives of countless people, and many now live with the worry that something like that could happen again. But rest easy, because things are different than they were back then. As Business Insider says:

“though many americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.”

Here’s why experts are so confident. For the market (and home prices) to crash, there would have to be too many houses for sale, but the data doesn’t show that’s happening. Right now, there’s an undersupply, not an oversupply like the last time — and that’s true even with the inventory growth we’ve seen this year. You see, the housing supply comes from three main sources:

Homeowners deciding to sell their houses (existing homes)

New home construction (newly built homes)

Distressed properties (foreclosures or short sales)

And if we look at those three main sources of inventory, you’ll see it’s clear this isn’t like 2008.

Homeowners Deciding To Sell Their Houses

Although the supply of existing (previously owned) homes is up compared to this time last year, it’s still low overall. And while this varies by local market, nationally, the current months’ supply is well below the norm, and even further below what we saw during the crash. The graph below shows this more clearly.

If you look at the latest data (shown in green), compared to 2008 (shown in red), we only have about a third of that available inventory today.

So, what does this mean? There just aren’t enough homes available to make values drop. To have a repeat of 2008, there’d need to be a lot more people selling their houses with very few buyers, and that’s not the case right now.

New Home Construction

People are also talking a lot about what’s going on with newly built houses these days, and that might make you wonder if homebuilders are overdoing it. Even though new homes make up a larger percentage of the total inventory than the norm, there’s no need for alarm. Here’s why.

The graph below uses data from the Census to show the number of new houses built over the last 52 years. The orange on the graph shows the overbuilding that happened in the lead-up to the crash. And, if you look at the red in the graph, you’ll see that builders have been underbuilding pretty consistently since then:

There’s just too much of a gap to make up. Builders aren’t overbuilding today, they’re catching up. A recent article from Bankrate says:

“what’s more, builders remember the great recession all too well, and they’ve been cautious about their pace of construction. the result is an ongoing shortage of homes for sale.”

Distressed Properties (Foreclosures and Short Sales)

The last place inventory can come from is distressed properties, including short sales and foreclosures. During the housing crisis, there was a flood of foreclosures due to lending standards that allowed many people to get a home loan they couldn’t truly afford.

Today, lending standards are much tighter, resulting in more qualified buyers and far fewer foreclosures. The graph below uses data from ATTOM to show how things have changed since the housing crash:

This graph makes it clear that as lending standards got tighter and buyers became more qualified, the number of foreclosures started to go down. And in 2020 and 2021, the combination of a moratorium on foreclosures (shown in black) and the forbearance program helped prevent a repeat of the wave of foreclosures we saw when the market crashed.

While you may see headlines that foreclosure volume is ticking up — remember, that’s only compared to recent years when very few foreclosures happened. We’re still below the normal level we’d see in a typical year.

What This Means for You

Inventory levels aren’t anywhere near where they’d need to be for prices to drop significantly and the housing market to crash. As Forbes explains:

“as already-high home prices continue trending upward, you may be concerned that we’re in a bubble ready to pop. however, the likelihood of a housing market crash — a rapid drop in unsustainably high home prices due to waning demand — remains low for 2024.”

Mark Fleming, Chief Economist at First American, points to the laws of supply and demand as a reason why we aren’t headed for a crash:

“there’s just generally not enough supply. there are more people than housing inventory. it’s econ 101.”

And Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“we will not have a repeat of the 2008–2012 housing market crash. there are no risky subprime mortgages that could implode, nor the combination of a massive oversupply and overproduction of homes.”

Bottom Line

The market doesn’t have enough available homes for a repeat of the 2008 housing crisis — and there’s nothing that suggests that will change anytime soon. That’s why housing experts and inventory data tell us there isn’t a crash on the horizon, local real estate agents in Chicago, Illinois.

[nsrealestate]

What’s Motivating More Buyers To Choose a Newly Built Home?

Planning to buy a home soon? Why not go for something brand-new? Because data shows a lot more buyers are seeing the appeal of new home construction these days – and you may find out it’s what you want too.

The National Association of Realtors (NAR), explains that newly built homes accounted for 15% of all homes sold last year. That’s a significant increase, and is actually the highest percentage in 17 years (see graph below):

To get a closer look at why so many people are opting for a brand-new home, NAR surveyed recent buyers. And here are the top reasons why new builds gained so much popularity (see graph below):

 Avoiding Renovations or Problems with Plumbing or Electricity (42%)

According to buyers, the number one benefit is the peace of mind that comes with getting brand-new everything. Because let’s face it, buying a home right now is pricey. And with inflation also putting a pinch on your wallet, you want to do everything you can to cut down on any additional costs. Enter new builds.

A home that was just built is less likely to have unexpected repairs, and that means less maintenance you’ll need to budget for upfront. Plus, since many builders include warranties on their homes, that’s an added layer of protection for your wallet on some of the home’s major systems.

Ability To Choose and Customize Design Features (27%)

You may also get the chance to personalize parts of the build to your unique tastes. That can be as small as which knobs go on the cabinets and which light fixture goes in the dining room to as big as floor plans and siding color. So, if you’re not finding a home you like, it may be time to build one.

The Amenities of New Home Construction Communities (25%)

Many new developments also offer amenities like parks, pools, fitness centers, and community spaces. These features could help you feel more connected to your neighborhood and can be a great perk for your lifestyle.

Lack of Inventory of Previously Owned Homes (15%)

Since the supply of existing homes (homes that were previously lived in) is still lower than the norm, more people are asking their agents if they can see what builders have available – and builders aren’t disappointing. Right now, new builds make up a larger portion of the homes available for sale than the norm. So, checking out these homes can really open up your pool of options. And don’t worry – builders are not overbuilding. They’re just catching up after years of underbuilding.

Energy Efficiency (14%)

Not to mention, newly built homes usually have the latest energy-efficient materials and technologies. This not only feels good, but can also lead to lower utility bills and a reduced environmental footprint. In a U.S. News Real Estate interview with Kevin Morrow, Senior Program Manager at the National Association of Home Builders (NAHB), this topic came up:

“The more energy-efficient mechanics of the house also help reduce utility bills for new home buyers . . . Newly-constructed homes often include green systems and appliances—like high efficiency stoves, refrigerators, washing machines, water heaters, furnaces, or air conditioning units—that homes built years ago might not.”

Smart Home Features (11%)

And last on this list is the integration of smart technologies. Tech-savvy buyers often want the latest and greatest advancements – and new home construction usually delivers.

The Importance of Using Your Own Agent

Newly built homes are becoming a top pick for buyers these days, and it’s easy to see why. If you’re feeling motivated to see what’s out there, just remember you need to have your own real estate agent.

Builder contracts often have some complex terms and complicated fine print. If you bring your own agent, you’ll have someone to advocate for you, make sure you’re getting quality construction, and guide you through the process from start to finish. 

Bottom Line

Imagine skipping the hassle of renovations and having the freedom to pick out the exact design features you want. If this sounds good to you, let’s connect to make sure you’ve got your own agent to help you negotiate with the builder so you can buy a new home with confidence.