Buying A Home

How Long Will the Housing Shortage Last? Years — Here's Why

Thinking optimistically and knowing a little about US homebuilders and American ingenuity, builders might create an average of 2M homes annually and achieve a supply-demand balance in about 6 years.

Courtesy of Inman News. Written by BEN CABALLERO
May 12, 2021

 

Beginning in 1959, the US Census Bureau started to record housing starts. During the 48 years between 1959 and 2006, builders completed 52,941,000 homes for an average of 1,102,938 homes per year.

For the 14 years between 2007 to 2020, builders started 9,914,600 homes or 708,186 homes per year, which is 394,752 fewer starts per year than the historical average. This annual shortfall totals 5,526,525 homes during those years. In 2020, builders started 990,500 homes, still below the historical average of 1.1 million annual starts.

Homebuyers are now paying the price for the need for homes continued, intensified by a combination of new developments that increased housing demand. Included are the COVID-19 lockdowns that forced many to work, teach and learn remotely, a population that continued to live longer, preventing their homes from being recycled.

Millennials began reaching the homebuying age. Institutional investors entered the market in force. Local, state and federal restrictions and mandates increased, and interest...

6 Gulf Front Communities to Generate Rental Income

Some would say living the Florida dream would be having a residence near the beach that you can stay at whenever you want. Others would argue the ultimate Florida dream is to own a place near the beach you can use AND rent to make some passive income. We work with a number of clients that have an expressed interest in finding property that has the potential to generate rental income. Whether it's used by seasonal tenants or for vacation guests, here are a few condo communities worth checking out if you want to invest on the Gulf to produce some serious spending money. 

Siesta Key

El PresidenteA gated condominium community situated near the south bridge entrance to the key, guests will love vacationing within El Presidente and owners will love the income potential. An ideal location to reach the mainland for everyday conveniences and far enough south to enjoy the direct beach frontage away from the public access points. El Presidente is a smaller, single building with lots of perks including a community pool and spa, club house and tennis courts. There is an on-site rental management company should you prefer the assistance of a property managers, plus owners are allotted 1 week rentals that can be rented 52 times a year.

Sarasota Surf and Racquet...

Bidding War Tips to Make Your Offer Competitive

Bidding War Tips DWELL Real EstateThese are crazy times for our local real estate market. Inventory is at record lows, demand is sky high, prices are climbing... it's a tough time for buyers trying to secure their dream home. We came across a great article in Forbes discussing how to navigate through a multiple offer situation and ways to put yourself in a better scenario to win a bidding war. 

 

In a hot housing market, it’s often not enough to quickly make an offer on a house you just discovered. You’ll likely face competition from at least one other buyer (if not more), and it will be up to the seller to decide who can best close the deal.

To improve your odds of winning a bidding war, you’ll need to plan your approach days or weeks in advance. Here’s how you can get an edge on the competition.

What Is a Bidding War?

A bidding war is when at least two prospective buyers have made legitimate offers for a home and the seller needs to determine which one is best. It could be an easy decision for the seller, especially if one prospective buyer has a much more attractive offer than others.

The bidding war could also turn into a drawn-out process if the purchase offers are very similar, such as prospective buyers who are preapproved, made an offer of a similar amount and are both flexible on contingencies. That’s when a seller is in the driver’s seat and can sit back and watch while the buyers try to outbid each other on money, terms or both.

Bidding wars are common—in most of 2020, over half of home offers written by Redfin agents faced competitive bids, according to the company’s study. Although...