Time to Act to Remedy the Housing Shortage

If you’re a buyer in today’s housing market, you know how tough it is to purchase a new home! This is especially true in the Seattle metropolitan area, particularly in the suburbs. There are too many buyers for the scant inventory available, leading to bidding wars and disappointed would-be buyers. This article from Realtor Magazine discusses the shortage and things we need to do to turn things around.

Another consideration: I am concerned that the single family home market situation could get worse for buyers, as there are corporations such as BlackRock that buying housing communities (and even building them( with the intention of making them rentals. This could exacerbate the problem, as the percentage of homes available for sale will shrink in some communities. As you can imagine, it could drive up prices further. Additional thought: If you’re a first-time home buyer, how do you compete against a corporation with deep pockets? Something to think about…

Here’s a Wall Street Journal article that discusses this phenomenon.