Lance Lambert’s Post

#Tulsa faces a housing shortage of - at least - 13,000 units. To meet this growing demand, we must collaborate on policy, financing and production initiatives to increase supply by over 50% annually. “The root cause of decreased housing affordability is the fact that housing supply has not increased enough to match demand. Inadequate housing supply leads homeowners and renters to bid up the sale price and rent of available housing, which puts a squeeze on affordability,” wrote Freddie Mac economists in their report.

The US housing stock 147.0 million units is 3.7 million units below for how many housing units the market needs given demographics 150.7 million units. The root cause of decreased housing affordability is the fact that housing supply has not increased enough to match demand. Inadequate housing supply leads homeowners and renters to bid up the sale price and rent of available housing, which puts a squeeze on affordability.

Abudant housing stock is a pressing need for all municipalities nationwide wide and right here in the #CityofSanJosé. The Housing Department is taking numerous steps to foster a pro-housing ecosystem from: 1. Streamlining processes and simplifying regulations for housing developments of all sizes; 2. Building more shelter options that provide immediate stability to our unsheltered residents to aide their transition to permanent housing; 3. Co-Creating development incentive programs that foster housing development for our families and our workforce at all income levels.

🏡 Just came across an eye-opening article discussing the current sentiments towards the U.S. housing market, and it's quite the rollercoaster ride of perspectives. Here are some key takeaways that got me thinking: - Only 21% of U.S. adults believe it's a good time to buy a house, the lowest recorded in Gallup's trend. - Conversely, in 2021, a high 71% of Americans predicted local home prices would increase; quite a shift from the current expectations. - Regional disparities are apparent, with Midwestern and rural residents showing less optimism towards rising home prices compared to other regions. It's fascinating how quickly perceptions can change in the dynamic world of real estate. What are your thoughts on the evolving housing market landscape? Share your insights and let's dive into this intriguing topic together! 🏠💬 https://lnkd.in/gnmD58ha

An Analysis of US Home Price Surges and Population Shifts - Despite borrowing costs being some of the highest in decades, home prices continue to rise across the US. *Original article - https://lnkd.in/gGebjVH9 #realtorinsights #marketview #homevalues #realestatepotential #realestatedreams #buildwealthwithrealestate #exprealty #exprealtor #expproud

🚨 The Rent Affordability Crisis: What It Means for Multifamily Property Management 🚨 US Census Data reveals a stark reality: 51.8% of U.S. renters are now cost-burdened, spending over 30% of their income on housing. Even more troubling, 26.4% are severely cost-burdened, paying over half their income on rent. This issue has escalated despite increased housing supply in some areas. Some takeaways: 🔎 Why is this happening? The rapid rent hikes of 2021–2022 outpaced wage growth, and inflation has further eroded purchasing power. New construction has largely catered to the luxury market, leaving a gap in affordable and workforce housing. Rising mortgage rates are keeping would-be buyers in the rental market, increasing demand. 📊 Could this lead to significant demand shifts? Renters might consolidate households or move to less desirable areas, reducing occupancy rates in higher-cost markets. This also poses a higher risk of cost-burdened renters defaulting on rent payments, which could not only mean immediate loss of rental income, but escalate to wider financial instability as it becomes harder to meet obligations to investors or lenders. Defaults and evictions require significant time from property managers, leasing agents, and legal teams, diverting resources from other priorities. The challenges are concerning, but also offer an opportunity for innovative change. 💡 Should property managers advocate for policy changes (e.g. affordable housing tax credits?) 💡 Can technology help reduce operational costs and, by extension, lower rents? 💡 What role should community engagement efforts play in all this? Is it all the more important to partner with local organizations to address housing insecurity and bolster community goodwill & brand reputation? (e.g. collaborating with local governments to incentivize workforce housing projects, working with charities to provide emergency rental assistance for tenants facing short-term financial hardship, etc.) What do you think should be top of mind to mitigate long-term negative impacts from growing affordability concerns in multifamily? #PropertyManagement #MultifamilyHousing #AffordabilityCrisis #RealEstateInnovation Source Article: https://lnkd.in/gUDhsBZn

Are we reaching a tipping point? In the years since the onset of the COVID-19 pandemic, Home sizes have oscillated first increasing as homeowners prioritized additional living and working space before declining as building costs and interest rates climbed. According to the most recent data from the U.S. Census Bureau, the median single-family square floor area was just above the lowest reading since 2009, illustrating the impact of housing affordability challenges. Read the article: https://bit.ly/3BvTGMs

📊Population Vs Housing🏠 According to the Australian Bureau of Statistics, at the time of writing this post, Australia’s current population stands at 27,288,223 and is growing every minute. Projections indicate that by 2034, our population will reach 31,611,780. This means an increase of over 4.3 million people in the next decade! As the population grows, so does the demand for housing. But how will this play into the market dynamics, especially with the current preference for older, established properties over new builds? As demand rises, acquiring existing established properties might become even more challenging and competitive. For prospective homebuyers and investors, now is the time to understand these market dynamics and make informed decisions. The rising demand for housing presents both challenges and opportunities. Thinking about buying your first home or investing in property? Reach out today to discuss how you can navigate this evolving market and make the best choices for your future.

Understanding the dynamics of the housing market is essential for both potential homeowners and investors. Recently, a striking analysis revealed that the top five largest U.S. cities exhibit home price-to-income ratios that are more than double the national average of 4.7. This substantial disparity underscores the challenges many face in affording a home in these urban centers. For an in-depth look at this issue, visit https://okt.to/LZvA3O.

The Dallas-Morning News offered a great analysis on why it’s so hard to afford a home in Dallas-Fort Worth:   1.   Prices have outpaced wages: the average DFW home costs 4.4 the median income. 2.   Builders aren’t building fast enough: in the last decade, we’ve added 1.54 million people and just 661,000 homes and apartments 3.   Dallas has added more apartments in the last decade than anywhere in the country, but most are too expensive for the poorest of our region’s residents 4.   Housing inventory is up, but not enough to tip into a buyer’s market   These are not issues that will fix themselves overnight.   https://lnkd.in/g9wQshhW