Why Your House Will Shine in Today’s Market with Lawrence Team Homes
In today’s real estate market, even though more homes are available for sale compared to last year, the demand still outweighs the supply. With top agents at The Lawrence Team Home in Chattanooga, your property will have a significant edge in standing out. If you’re considering selling, understanding why the market favors sellers right now can boost your confidence in making the move.
What’s Causing the Shortage?
1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:
“In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.”
2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas.
3. Regional Imbalances: Markets such as Chattanooga, known for their desirable locations and vibrant communities, often see more people moving in than new homes being built. The Lawrence Team Home understands this and utilizes these regional insights to help your home stand out in a crowded buyer’s market
How Big Is the Problem?
According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below):
This shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?
According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.
So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house.
What You Need To Remember
The ongoing shortage of homes on the market is creating serious attention from buyers. With fewer homes available, there’s heightened competition for quality listings. This means potential for quicker sales and favorable pricing, and The Lawrence Team Home’s top agents in Chattanooga are well-equipped to navigate these competitive dynamics for you. Click her to see the current homes available www.LawrenceTeamHomes.com
And since every market is different, it’s important to work with a team that understands local trends. They can help you price your house right and create a strategy to attract the right buyers.
Bottom Line
While the market may have more listings than last year, there’s still a national housing shortage, which puts sellers in a powerful position. Connect with The Lawrence Team Home to work with top agents who understand Chattanooga’s unique market trends and can help you make the most of today’s market conditions.
