Housing Shortage in United States
People are having a hard time when it comes to looking for permanent housing. And compared to the last decade, the number of new homes built is slashed in half. But even though the economy has collapsed with the sales of a home today, many sellers are still finding a way to sell their property at a higher price.
The main cause of the housing shortage is the imbalance between supply and demand; which is the result of strong economic growth creating hundreds of thousands of new jobs and the insufficient construction of new housing units to provide enough supply to meet the demand. Another cause for the shortage is buyers are going where housing is cheaper. And we can see that. These days, when pandemic spreads worldwide, the economic problem of every country
arises. And as of today, the U.S housing market is facing nearly 4 million short of buyers. And the government and also the home sellers are finding a way to keep up with the rate of housing markets since 2010.
So if you’re a home-buyer in a seller’s market, your options are limited. You can’t always choose the type of home you want, the community, and the neighborhood you want, because there’s less construction, you have fewer new homes to choose from. And other homeowners may also be choosing to stay in their place, which is keeping many homes off the market. So take your time, prepare your financing before you start looking, and expand your search when choosing a new home. This is one of the useful strategies, so you can keep a dollar in your pocket. Try not to pick zones which are the center of almost everything- clubs, theaters, and high-end galleries. Why? Because prices tend to lower in less densely populated areas. And if you’re a home seller or investor, it is important for you to ALWAYS keep tabs on current market conditions. If you do this, it can help you in the process of how to react to the market-when it’s time to sell, buy or hold your proper.
Bottom line is, some people have realized that a comfortable home is more valuable than what they can get from the city, and we can agree with that. Now we know that home-buyers are likely to go for cheaper houses and sellers will surely take advantage of it by selling the property quickly for a profit. But if we keep tabs on the housing market and can observe what’s happening around us, we can fully understand if this is the right time to buy a property or sell it.
We have so many numbers to keep up so we can avoid and prevent the spreading of housing shortage, not just in the States, but in every country.