“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me email@example.com. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
It will take 5 years at current building pace to add these homes
Residential News » Seattle Edition | By Monsef Rachid | August 15, 2018 8:00 AM ET
According to Zillow, one of the defining characteristics of the U.S. housing market in 2018 is the lack of available inventory, and much of this scarcity can be traced back to the lack of building following the bubble’s burst.
Between 1985 and 2000, there were 3.9 permits issued for single-family homes per 1,000 residents. Since 2008, that mark stands at just 1.9 permits per 1,000 people. If that historic rate had continued over the past decade, there would be about 6.3 million more single-family homes in the housing stock. It would take about five years of building at the current pace of 1.3 million homes per year just to add those “missing” homes.
Inventory has been falling on an annual basis for the past 41 months, although its decline has slowed in recent months. With such limited inventory, competition for available homes has been particularly fierce in recent months in the nation’s hottest housing markets, driving up prices and making it more difficult for new buyers to enter the market. The median home value is higher than its pre-recession peak in more than half of the nation’s largest markets.
Since 2008, only Houston has kept up with its pre-bubble building pace, issuing more residential permits than there would have been at the historic rate. The permit pace in Las Vegas slowed the most, falling from 14.4 permits per 1,000 residents prior to the housing boom to just 3.2 permits for every 1,000 residents over the past 10 years.
“Building activity came to a near-standstill when the housing market collapsed, and now a decade later, years of underbuilding have left a gap of millions of homes missing from the American housing stock,” said Zillow Senior Economist Aaron Terrazas. “In nearly every major market today, single-family homes are being permitted at a lower rate than they were historically as builders face a number of challenges in adding new homes, including land and labor costs. What this means for buyers is a smaller supply of homes on the market, leading to increased competition and higher home prices. Historically, population growth has been met with new construction and new construction was a critical contributor to new inventory. Without a sustained pickup in permitting and construction activity, first-time buyers will struggle to gain a foothold on homeownership.”
Another effect of fewer homes being built is that existing homes are getting older. The median age of homes that sold in 2007 was 24 years. By 2017, that had increased to 37 years, bringing a new set of challenges around home maintenance as the structures age. In Indianapolis, the median age of a sold home increased from 21 years to 41 years, the biggest age increase among the 35 largest metros.
SEE IT ALL: http://www.worldpropertyjournal.com/real-estate-news/united-states/seattle/zillow-2018-housing-report-real-estate-news-new-home-construction-data-housing-inventory-data-rising-home-prices-aaron-terrazas-11007.php
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me firstname.lastname@example.org. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME 520-975-5207 OR E-MAIL ME email@example.com
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me firstname.lastname@example.org
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
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