HOME SHORTAGE RISING PRICES IN 2021
A housing shortage resulted in huge selling prices of properties today. The big question is will property prices return to normal? The answer is no, not any time soon, prices will never return to what it was before the pandemic. Potential buyers will disagree with my answer because it is their hope and dreams that things will return to normal after the storm.
This year was one of the worst years for people wishing to purchase a home to start a family and had to put their life on hold. Homes were sold two to three times its value; the high prices did not affect sales because buyers were the actual cause of their high purchased prices.
We took almost everything for granted and did not see this coming. The pandemic took us unawares, being locked down for weeks made us realize we need more space to live comfortable; people started looking for a change of environment and more living space. The pandemic made people start living life differently. As social creatures, being in lock-down gave us a wake-up call to live mare comfortable at home.
THE HOUSING PROBLEM WILL NOT GO AWAY SOON
This housing problem will not get better anytime soon unless a large variety of homes are built in the near future. Each year the need for properties increases and the builders cannot build fast enough to fulfill the need. Although we lose many of our seniors, this did not provide homes for new buyers because they were already in the nursing homes.
Investors are being qualified to purchase many homes for profit prevent new buyers from owning their home. Should investors purchase many properties to limit the chances for new potential buyers? This really needs to be regulated to reduce the high demands and the increase of property prices.
WHAT CAN BE A GOOD SUBSTITUTE FOR PEOPLE WHO CAN NOT FIND A HOME TO PURCHASE?
- There are ways around it, look in places further away
- Look at custom build homes
- Secure the purchase or homes that are in the process of being built
- Trailer Homes
- Mobile Homes
All these are very good substitutes to use in the meantime.