According to an article in CNN there is an impending housing shortage. The recession has stopped, or delayed new home construction and purchases, but the demand will reemerge when the recovery comes. Unlike in years past, home builder may not be able to meet the demand as quickly.
The home builders have not been purchasing and developing land for building. In addition construction loans are very difficult to obtain, both factors that will delay the launch and completion of new homes. It looks like the home shortage will be most severe in areas already tight on land (New York, San Francisco) and less severe in markets with lots of extra inventory (Miami, Las Vegas).
The recession has had an impact on new home construction in Cincinnati. Homearama 2010 was even relocated out of the suburbs to Northside. A few local builders have gone out of business, and the ones that remain are facing increasing legislation designed to minimize environmental impact. As Cincinnati continues to grow and attract new residents we look to both our city master plans and local builders to create outstanding neighborhoods for our new residents.
Are you relocating to Cincinnati? Call me for information on Cincinnati neighborhoods and housing 513-518-1140.
At The Alison Moss Group, Cincinnati is more than a city to us–it’s our hometown. Since launching in 2008, our clients have depended upon us to lead them through the home buying and selling journey. We are the go-to resource for all of your needs before, during and after the sale of your home.