Jan Milstead, Other/Just Looking in Birmingham, AL

How many folks believe there will be a housing shortage in the near future?

Asked by Jan Milstead, Birmingham, AL Thu Jun 9, 2011

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13
Not until after 2012/13! It's took years (From the Clinton Administration) to present getting us in this mess, and JOBS are needed to build confidence in people to purchase New and Pre-owned homes.
1 vote Thank Flag Link Thu Jun 9, 2011
Given the massive number of layoffs and planned layoffs I would predict much lower housing prices and rent rates for the homes currently available. There will not be a housing shortage as there are plenty available due to a decade of mal-investment in home building.

In order for real home prices to increase there must be real wage/salary growth....this is not going to happen in the USA for many years.

Get a look at who is reducing employment: dailyjobcuts dot com. Sure would hate to be in the medical field.
0 votes Thank Flag Link Tue Oct 30, 2012
I don't believe that there will be a housing shortage in the near future but perhaps in the future.
0 votes Thank Flag Link Mon Oct 10, 2011
With all the hand-wringing reported in the press, you wouldn't think so. The "fluid" debt ceiling talks fell apart in the last several hours, many question whether Greece can avoid default, and on and on.

Money is tight. Traditional lending channels have dried up for everyone except those with platinum credit.

So, why am I smiling? Growth will get moving again. Jobs will be more plentiful. We know that corporations are sitting on a lot of money and more cash is sitting on the sidelines. The process might start as soon as we get past the current debt ceiling talks.

But there is more reason to be optimistic that housing has hit a bottom and a recovery will begin accelerating. Rising rent will pressure couples to consider a home purchase. And, as others have noted, residential home construction has not kept pace with historic demand.

Here in Boulder County, we're ahead of the curve. Time on the market has dropped to 30 days. Unemployment is down dramatically. A developer already has announced plans for 5,000 homes in a small community in the southeast part of the county. What is driving all of this optimism? Everything from a new facility for electric car motors here in Longmont to a coming research facility for ConocoPhillips in Louisville. And a few miles to the north, a community landed the NASA technology park that will accelerate new technology to the market possibly employing as many as 10,000 workers.

Some uncertainty persists. As many will note, there are still all those foreclosures to come.
One estimate puts foreclosures at 10 million before it's all said and done. That seems pessimistic to me. The links below put detail on what I summarized.

http://www.forbes.com/2010/02/13/wesbury-housing-starts-inte…
http://www.builderonline.com/builder-pulse/starwood-bets-a-b…
http://www.denverpost.com/breakingnews/ci_17611470
http://www.bizjournals.com/denver/stories/2010/05/24/daily36.html
http://finance.yahoo.com/tech-ticker/housing%27s-big-%22shad…

Best regards,
SuZ
PML of Longmont, CO
0 votes Thank Flag Link Fri Jul 22, 2011
No, not in the near future!
There are many homes on the foreclosure list which has not hit the market as of this date July 2011.
We will not see a change until after the next election.
This is my opinion.
Web Reference: http://ronsellsalabama.com
0 votes Thank Flag Link Fri Jul 22, 2011
I think there will be because I am trying to rent a home from 600-1000 and I can't find one. I am looking for a rental in elberta, and lellian or other towns in the area / I would also be interested in a lease to own if the price was right.
0 votes Thank Flag Link Fri Jul 22, 2011
@ Ron - I totally agree with you Ron. I certainly don't see it happening in our market for a few years and thousands of jobs later...
0 votes Thank Flag Link Thu Jun 9, 2011
Not seeing that for many years to come. Too many vacant homes and builders waitiing to build when time is right!
0 votes Thank Flag Link Thu Jun 9, 2011
Predictions are very difficult.....especially about the future.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Jun 9, 2011
Jan I saw that article too on linkedin just after I answered your question. Well I hope I am wrong about Northern Nevada as well. Of course it wouldn't be the first time. Thanks for sharing that with me.
0 votes Thank Flag Link Thu Jun 9, 2011
The link below is the prompt for my question... I understand that new construction is suppose to pick up now through 2020 in the US but am curious as to what agents are seeing in their market. In our market rentals are booming - but as I googled a possible housing shortage - I came across additional articles where some were calling for the shortage as soon as 2012... certainly - all areas not included.
0 votes Thank Flag Link Thu Jun 9, 2011
Not sure what you mean by the near future, but I know in my area of the country we may see people reconsidering the "American Dream" and find that renting make more financial sense that owning a home. Which in turn may create a rental shortage. But, I don't see a housing shortage that will simulate a lot of new construction for some time in Northern Nevada, maybe five to ten years.
0 votes Thank Flag Link Thu Jun 9, 2011
Jan there seems to be a shortage of nice homes priced at or just makret value now. There are plenty of ovberpriced homes and homes needing a ton of work, but the clean ones are lacking
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Jun 9, 2011
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