Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, March 24, 2021
Here are the top three ways to solve our current housing inventory crisis...
- New Construction
- New Construction
- New Construction
No, but really. Keep reading to find out why...
Let's think about it for a moment... here are how there come to be new listings for sale...
- Selling To Buy - This is a new listing, but it doesn't actually help. A homeowner selling their home in order to buy a new home in the same market doesn't help the inventory numbers.
- Selling To Leave - These are new listings, but for every homeowner who decides to leave this area over the next year there are likely to be that many (or more) people deciding to move into this area who will want to buy a house. Thus, this relocating seller helps the inventory crisis a bit, but that help is offset by every buyer relocating into the area.
- Selling to Go To A Retirement Community - These new listings help, but there aren't a significant enough number of these to meaningfully affect our housing inventory crisis.
- Selling To Rent - These new listings help, but they seem to be few and far between. Most folks aren't selling their homes in order to then go rent a home in that same market. So, this could help quite a bit, must I don't anticipate a large number of homeowners deciding to sell and then rent over the next year.
- Selling A Rental Property - These listings help, but again, there don't seem to be all that many owners of rental properties that are selling. If anything, there seem to be more investors buying properties right now (reducing inventory) than there are selling existing rental properties.
So, as you can see, all of these ways in which new listings come about are not likely (in the current market at the current time) to help us dig our way out of our local housing inventory crisis.
So, what's the answer?
Basically, the only way we will make meaningful progress towards addressing this crisis in housing inventory is if quite a few new homes are built!
Here's hoping that area builders will be building some new homes for buyers to buy in 2021 and beyond in Harrisonburg and Rockingham County!
