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People often ask me: When is the market ever going to be “normal” again? In this episode of HOUSE TALK I explain why I think we are not going to see the old normal, and why this new normal is likely to last for quite a long time, maybe even a decade or more. I discuss the current housing shortage, and why builders aren’t addressing it now. I compare the current housing crisis to the housing crisis that lasted from 1915 to 1947. I’ll also discuss how bargaining power, which shifted from sellers to buyers during the early years of the Internet, is now shifting back toward sellers, maybe permanently.
Sources:
- https://www.realtor.com/news/trends/u-s-has-a-shortfall-of-6-5-million-single-family-homes-due-to-a-decade-of-under-building-report-says/
- https://www.nar.realtor/magazine/real-estate-news/new-home-costs-rising-at-unparalleled-rate
- https://www.frbsf.org/economic-research/publications/economic-letter/2022/september/remote-work-and-housing-demand/
- https://www.nj.gov/dca/divisions/dhcr/publications/docs/Institutional_Homeownership_Report_FINAL.pdf
