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2020-01-23 10:56:03
Why It's Tough To Find The Right Home in Tooele County
My friends at Keeping Current Matters posted an interesting article about why it's tough to find the right home in Tooele County. This information like most of the stuff I share with you from them is addressing National problems or trends within the industry that I might pass on. 

Their thinking is that if me passing on their information helps you see me in a more trustworthy light, you'll hire me as your agent, we'll work as a ream to either buy a home in the county or sell a house out here in Tooele. I'll have a client and I'll continue to be a KCM customer.

So far, it's been working! At least for me it has.

So, I think I will keep on doing what works. Here is what they say about finding your dream home. My comments add the reasons why that adage is true at the local level.

Enjoy

The #1 Reason It Is Difficult to Find Your Dream Home

The #1 Reason It Is Difficult to Find Your Dream Home | MyKCM

The headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation is accelerating again because there is a shortage of homes available for sale. First-time buyers are taking longer to purchase a home because there is a shortage of homes available for sale in the lower price points. Boomers are staying in their current homes longer because there is a shortage of homes available for sale to which they would move. In certain markets, affordability is becoming more challenging because there is a shortage of homes available for sale.

What’s the major reason for this lack of housing inventory?

The issue was examined in a recent article by the National Home Builders Association (NAHB). In the article, Robert Dietz, Chief Economist for NAHB, explained:

“Home building in the 2010s was a story of the Long Recovery. After the Great Recession, the number of home builders declined significantly, and housing production was unable to meet buyer demand…Years of population and household formation growth, combined with relatively reduced levels of home building, have left the market with a critical supply shortage.”

Here are the single-family home construction starts by decade for the last six decades:The #1 Reason It Is Difficult to Find Your Dream Home | MyKCMObviously, there’s a current shortage of homes for sale because not enough houses were built over the last ten years. To add to the challenge, the U.S. population expanded by more than 20 million people during the 2010s.

Below is a graph showing the number of starts per every million in population. The last decade shows that starts per population were less than half the average of the previous five decades.The #1 Reason It Is Difficult to Find Your Dream Home | MyKCM

There’s good news coming!

The NAHB article explains that there is light at the end of the tunnel.

How confident home builders are in the housing market is a great indicator of how much building is about to get started. The NAHB/Wells Fargo Housing Market Index (HMI) gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair,” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average,” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as “good” than “poor.”

Here are the HMI readings going back to 2008:The #1 Reason It Is Difficult to Find Your Dream Home | MyKCMThe 2019 confidence reading of 76 was the highest since 1999. The January 2020 index came in one point lower at 75. These readings indicate we should see an increase in new residential construction in 2020. Just last week, NAHB Chairman Greg Ugalde stated:

“Low interest rates and a healthy labor market combined with a need for additional inventory are setting the stage for further home building gains in 2020.”

The increase in housing starts has already begun. According to the January report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, single‚Äźfamily housing starts were up 11.2% and attained the highest level in thirteen years.

Bottom Line

Whether you’re a first-time buyer or a seller thinking of moving up or down, 2020 could be your year with more new construction homes coming to market in Tooele County.


If you want to be among the first to know when subdivisions are coming to market, who has applied for permits, who has applied for zoning changes or variances. Stay close to this site.

Chris posts here about things going on with the planning commission, and I post almost every day about real estate and changes in the market.

If you have needs, or want to talk about Tooele real estate, give me a call; Berna Sloan 435-840-5029. Mention you'd like to talk about my post  'why it's tough to find the right home in Tooele County'.
 
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