As the Housing Shortage Rages On, Now Is The Time to Build
Today’s market outlook suggests it’s imperative we build more homes.
Despite the relative slowdown compared to the frenzy of 2020 and 2021, the real estate market nationwide continues to bend in favor of sellers on the whole. While some areas may see different trends than others, overall the nation is seeing a vast shortage of homes.
Estimated Shortages
Estimates around the size of today’s housing shortage cover a wide range, but most fall between 1.5 million and 5 million. According to Lance Lambert, Bank of America puts the housing shortage at 4 million homes, while Moody’s Analytics estimates closer to 1.6 million and Realtor.com estimates an alarming 5.24 million. Freddie Mac comes in right in the middle, with an estimate that the U.S. housing market is short 3.8 million homes.
Regardless of where that actual number lands, one thing is for sure: there aren’t enough available homes for interested buyers to purchase. Following the building slowdown of the last few years and the higher interest rates prompting current homeowners to stay put, new homes are not hitting the market at the rate interested buyers are.
High-demand Areas
Thanks to rising demand in certain cities, some zip codes feel this housing shortage more acutely than others. While some coastal cities are still experiencing an exodus, many areas of the U.S. with lower costs of living and excellent quality of life are drawing families and young professionals in droves. Cities like Charlotte, Raleigh and Chapel Hill attract buyers from every walk of life thanks to the thriving job market, top-tier recreation options, and temperate climate.
Especially in these high-demand areas, purchasing a home poses a huge challenge regardless of your budget. Many existing homes fail to meet buyer criteria around size and style, and even when settling for a compromise, buyers often run into bidding wars in high-competition areas. This competition drives housing prices higher and keeps buyers from finding the homes they truly want.
A Need for New Construction
As millennials continue to enter the real estate market, there’s no way to bridge this shortage without building more homes. The time to build new construction is now, and buyers are becoming increasingly aware of it.
Opting for new construction as a buyer can feel like a sacrifice in its own way, as building comes with longer wait times than finding an existing home in some cases. In order for that sacrifice to outweigh the draw of a quicker move, it’s crucial to build a home you’re truly excited to move into.
Atmos is working to help address the housing shortage with a custom home building process that’s buyer- and builder-friendly. While custom building once entailed endless back and forth and unpredictable expenses, new technology and a highly supportive team at Atmos makes it accessible for all. With 3D rendering, endless design options, and project managers at your side every step of the way, you can build a home that speaks to your priorities, tastes, and lifestyle. Ready to move to North Carolina without tackling the competitive market for existing homes? Get started with Atmos!
