Interesting times in real estate. With the expiration of the tax credit for home buyers, the industry is seeing a marked decrease in activity. Not surprising, considering many potential buyers who missed the deadline are likely fatigued and catching their collective breath on the sideline. Interesting, yes. However, it's not where I'm headed.
I sat through a presentation a couple of months ago where the speaker - a highly-regarded industry expert - offered a prediction: a housing shortage will exist in 18 months. More and more stories are beginning to appear, and the facts make a good case. Ironic, considering many buyers are simply struggling to get a loan now.
How could there be a shortage? Two reasons: 1) There is a large segment of the population, called "Echo Boomers", who entering the housing market; 2) the job market will recover and renters will become buyers; and 3) construction has fallen way off and will not be able to catch up to demand as in the past.
But we need to get through our troubles today first. What do you think?
If you know someone who is interested in buying or selling a home in Austin or Central Texas, please call - (512) 636-0200 - or email me with the contact information. I'm never too busy for your referrals. Thanks
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