As
much as people will tell you otherwise — when it comes to Christmas
trees, size does matter. Newsflash: Bigger is not always better! A grand
tree in a 900-square-foot apartment will feel overwhelming, while a
mid-size tree in a large living room will appear out of place and
awkward.
The Solution: Stick to Scale
Keep
the size of your space, and the height of your ceiling, in mind when
selecting a tree. For petite pads, try using a tabletop tree to create a
festive vignette for your entry console. If you have soaring ceilings
in your living room, but aren’t ready to commit to a 10-foot tree, get
creative with your placement. Set up your tree in the kitchen — Santa
will appreciate the convenience to his milk and cookies!
3. Red and Green Everything
There
is certainly nothing wrong these traditional holiday colors but why
stick to the same old thing when there are so many other color
combinations to choose from?
The Solution: Try New Colors
Mix things up around the holidays and don’t be afraid to break out of the red and green box.
4. Pet Hazards
Around
the holidays, it’s important to keep the safety of our furry friends in
mind. The main things to look out for is your pet getting tangled in
holiday lights and potential eating hazards such as the water in the
Christmas tree stand, plants (poinsettias, holly and mistletoe), and
candy left out in the open.
The Solution: Remove Dangerous Items
Avoid
poisonous plants if you have pets and don't leave food unattended. Take
every precaution you can for the safety of your pets as well as those
who may be visiting because the last thing you want is an emergency trip
to the vet.
5. Dry Christmas Tree
There's nothing sadder than a Christmas tree that starts to wither away before the big day arrives. Alternative and plastic trees are fine but how do you make sure your real tree lasts through the holidays?
The Solution: Water Frequently
Fresh-cut Christmas trees require a lot of water to stay fresh so it's best to keep the bottom few inches of the stump submerged at all times. Follow these tips if you want to keep your living tree for years to come.
Winter is traditionally real estate's slow season.
Between the cold weather and the holidays, the housing market typically
plunges into a hibernation of sorts, with both buyers and sellers
shelving any major real estate moves until spring.
This
winter's real estate market, however, is shaping up to be unlike any
other before it—and, contrary to what some may have feared, is slated to
be an excellent time to sell a home. In fact, Lawrence Yun, chief economist at the National Association of Realtors, predicts “it will be one of the best winter sales years ever.”
Why?
Chalk it up to a perfect storm of low mortgage interest rates, sparse
housing inventory, plus a pandemic that's fundamentally changed how,
when, and where buyers are shopping for homes.
So if you've assumed you should put your home-selling plans on hold
until spring, read on for a surprising reality check on all the reasons
this winter could be a great time to put your house on the market.
Pandemic lockdowns have created pent-up buyer demand
While
spring is typically real estate's busy season, the "silent spring" of
2020 saw the housing market grind to a near halt amid pandemic-mandated
lockdowns. This, in turn, created pent-up demand to purchase property
that is only now being unleashed.
“We currently see buyers sticking around in the housing market much later than we usually do this fall,” says Danielle Hale, chief economist at realtor.com®.
“If that trend continues, we will see more buyers in the market this
winter, too. So this winter is likely to be a good time to sell.”
"There are plenty of people in the pipeline ready to hit the market this late autumn and winter," Yun agrees.
Many real estate agents have noticed this glut of eager buyers first-hand.
“Winter is usually a slower season, but this year we're not seeing any sign of letting up,” says Matt van Winkle, a real estate broker
and owner of Re/Max Northwest Realtors in Seattle. “The selling season
was delayed because of COVID lockdowns and stay-at-home orders, so
several months of usual busy sales periods were delayed.”
This buyer demand likely won’t wane anytime soon.
“We will see an extended purchase season in 2020 and into 2021,” says Shelby McDaniels, channel director of corporate home lending at Chase.
Lockdowns are forcing many buyers to upsize their homes
COVID-19
has not only created pent-up demand, but many buyers are also in the
market purely because they're working/schooling from home and realizing
their space is no longer big enough—particularly now that the
temperature's dropping so they can't easily escape to their back patio
to catch up on emails alone.
“With people spending so much time in
their homes, including working from home and virtual schooling, there's
a great emphasis on being happy there," says Matt Curtis, owner of Matt Curtis Real Estate, in Huntsville, AL. Lack of space is a complaint agents hear more often now.
And
if people are allowed to continue working from home rather than
commuting to an office, they might also realize that they can shop for
homes farther outside cities—great news for home sellers who live in
more remote areas.
“Because
the number of homes available is currently at a record low, even if we
see some improvement, which I expect, there will still be relatively few
homes for sale,” Hale says. “That will keep upward pressure on home
prices and help ensure that homes continue to sell quickly."
"Inventory is low, so the overall advantage is with the seller,” agrees Yun.
Tracy Jones, a real estate agent
with Re/Max Platinum Realty in Sarasota, FL, says buyers have so few
homes to choose from these days that they’re feeling forced to make
quick decisions about whether to make an offer, or risk losing out on
the chance. Nationally, homes spent an average of 54 days on the market
in September, 12 fewer days than last year, according to the realtor.com
trends report.
“The buyers I have worked with this year only had a
handful of homes to look at,” Jones says. “They had no time to wait and
talk about it, and they had to fight other buyers if they wanted to buy
them.”
Sellers can get top dollar for their homes
It's simple supply and demand: Low supply and high demand are bound to drive up home prices, so sellers stand to make a killing.
Across the country, median home listing prices jumped 11.1% in September compared with a year ago, to $350,000, according to realtor.com. Price per square foot increased by 13.9%.
“Sales
prices and home values remain strong,” McDaniels says. And since there
are so many offers on the table, “sellers can call the shots regarding
terms of contract and repairs.”
The only challenge sellers face with such low inventory—if you can even call it a challenge—is dealing with too many offers at once, says Curtis.
“The
challenge they face is navigating multiple offers and not accepting an
offer too quickly to help ensure they get the most money for their
home,” he says.
Mortgage interest rates are low
Although
buyers will face stiff competition, it's not all bad news for them. For
one, despite high home prices, record-low interest rates mean they'll
save a ton of money.
Interest rates on a 30-year fixed-rate loan were 2.8% as of Oct. 22, according to Freddie Mac.
This
“boosts buyer home purchasing power,” Hale says. “In fact, despite
double-digit increases in home prices this year compared to last year,
today's home buyers are likely actually paying slightly less on their mortgage each month, thanks to much lower mortgage rates.”
The
Federal Reserve has continued to lower interest rates this year to keep
the economy going during the COVID-19 crisis, says McDaniels.
“Even
before the COVID-19 pandemic, economists and real estate professionals
predicted mortgage interest rates would remain below 4% in 2020,” she
says. “This means buyers that might have waited will consider entering
the market this year.”
Any economic shift likely won’t be felt until spring
Although
unemployment continues to rise due to COVID-19 layoffs, Hale says this
could affect the real estate market, but the effects likely won’t be
felt for a few months.
“A worsening unemployment rate
would lead to a slowdown in the housing market and home sales, but I
don’t expect that to happen immediately, more likely in the spring,”
Hale says. This could create a slower start to the spring home-buying
season.
Plus, if another round of stimulus money appears, this would fuel consumer spending.
“This would be a good thing for the housing market and the economy at large,” Hale says.
With the COVID-19 pandemic still going strong, many city dwellers may
be considering a move to the country—and there's a specific type of
mortgage that can help make this a reality, called a USDA loan.
Offered
by the U.S. Department of Agriculture and backed by the agency’s Rural
Development Guaranteed Housing Loan Program, these mortgages are
designed to help buyers with moderate or low income purchase property
outside cities.
They accomplish this by offering several key
benefits—such as low or no down payments and looser qualifications for
income and credit history.
“More people should absolutely consider using USDA loans to finance their homes,” says Jan Hadder, regional vice president of the builder division at Silverton Mortgage in Columbia, SC. “If you’re not living in the city, this can be a great option to finance your home."
USDA loans could be a boon to the wave of buyers who are currently contemplating fleeing cities right now.
As it happens, searches for homes in rural ZIP codes jumped more than 15% this May, compared with a year ago, according to realtor.com® data.
Yet
many Americans aren’t aware of USDA loans, or assume that they don't
qualify. They may also have other assumptions about these mortgages that
aren't true or in step with recent changes in the terms.
If you want to avoid overlooking this hidden financing gem, here are a few things to know about USDA loans today.
You don't have to buy a house in the boonies
The biggest misconception about USDA loans is that you have to live in the middle of nowhere.
In
reality, homes qualify as long as they're located outside a
metropolitan area. In fact, communities with populations of up to 35,000
may be fine. The USDA offers an online map where you can search for properties that are eligible for the loans.
Matt Ronne, a loan originator at Motto Mortgage Preferred Brokers in Athens, TN, says USDA loans are a “vital asset” to home buyers in his area of southeastern Tennessee.
“It
has been a high-demand product,” he says. “My county, McMinn, and most
of the surrounding counties are 100% eligible for this type of
financing, as long as those clients meet the credit, income, and
property requirements.”
You don't have to be destitute—and income limits recently increased
"Many
people think that the USDA loans are meant to be subsidized housing, or
that they are only intended for use by those with very low income,”
says Gwen Chambers, a mortgage loan originator at Motto Mortgage Superior in Germantown, TN.
But
that's not the case. There are actually two types of USDA loans. Direct
housing loans are for low-income individuals; guaranteed loans are
designed for moderate-income buyers.
The USDA recently increased
its income limits for loans, allowing more home buyers to be
eligible. In most locations, the income limit for households with one to
four people is $90,300, and $119,200 for households of five to eight
people.
USDA loans are easier to get than ever
The income
limits have been raised, Hadder says, and some elements of the
application process for certain USDA loans have been relaxed.
For example, in response to COVID-19,
the period for which certificates of eligibility are valid has been
extended for some borrowers, and some parts of the application process
will be streamlined, including credit reviews and loan processing.
Although
the specifications vary by lender, borrowers typically need a minimum
credit score of 640, whereas conventional home loans often require a
credit score of 700 or higher.
“These new loan changes are designed to make it easier for a borrower to qualify for a USDA loan,” Hadder says.
Because
certain parts of the application process will be waived or relaxed, she
says, "borrowers will hopefully have a better chance of getting
approved.”
USDA loans aren't just for first-time buyers
Another misconception about USDA loans, Ronne says, is that they’re just for first-time home buyers.
“USDA
only allows a borrower to own one property at a time, so using the USDA
loan program allows for additional purchases in the future, as long as
the current home is sold, or will be sold prior to closing on the new
one,” he says.
As long as buyers continue to qualify, they can use the USDA program as many times as they want, Chambers says.
USDA loans have great interest rates
Mortgage interest rates
for traditional loans have dropped to record lows in recent months, and
now hover around 3%. The rates for USDA loans, however, are even lower.
“The
rates on USDA loans are often very competitive, and the fees are
relatively low,” Chambers says. “In my community, consumers often find
USDA loans to be their go-to loan of choice.”
USDA loans carry few added costs
In
addition to low interest rates, USDA loans offer families the
opportunity to own a home with few out-of-pocket expenses, like closing costs.
In addition, certain USDA loans offer 100% financing with no down payment, welcome news in today’s uncertain economy.
“Now,
more than ever, because of the potential instability in the workforce
over COVID-19 and possible future furloughs, layoffs, and cutbacks,
having money in the bank to fall back on in case of emergencies has
never been more important,” Ronne says.
“Personally, as a mortgage
broker, I never want to see a buyer exhaust their savings for a down
payment when they may not have to, especially a first-time home buyer,”
he says.
More investment in rural communities benefits homeowners
The USDA loan programs can also give rural homeowners a boost indirectly. The agency recently announced new initiatives to increase private investment in rural communities across the country, Hadder says.
This
includes changes to four of its business loan programs to standardize
the requirements for loan processing, credit review, loan service, and
loss claims.
These measures could help rural homeowners. New
investment could add new jobs to an area, create better schools, and
boost local economies.
This could increase property values and attract new residents to the area—all good news for local homeowners.
The answers to these five questions will help you hone in on your perfect retirement home.
1. Does a single-story home make more sense for me? As we age, our chances of becoming disabled and losing mobility increase. Choosing a retirement home with a single-story floor plan, a first-floor bedroom or an elevator ensures that stairs never become an obstacle for you.
2. How much do I hate cleaning the gutters? If you already hate mowing the lawn, having more time to do it after retirement won’t make you suddenly love it. Finding a single-family community where the condo association handles lawn care and exterior maintenance maybe just the thing.
3. Who’s visiting and who’s living with me? Want the children and grandchildren to visit? Pick a community with fabulous recreational amenities or a vacation-worthy location. Want to keep visitors to a minimum, minimize the number of extra bedrooms in your new home or buy in a 55+ community.
4. How attached am I to my stuff? Downsizing sounds better in theory than in practice. Are you ready to let go of your possessions? Do your kids want the family heirlooms? To keep those heirlooms, you’ll need a similar size home to what you’re living in now.
5. Do I want to be near family? Live long enough and you may eventually need a caregiver. You’ll make that task easier if you live near the person who’s going to help you as you age. In the meantime, how easy do you want to make it for the kids to drop off the grandkids on a moment’s notice?
I can help you find the perfect retirement home. Drop me an email or call me if you want to discuss your options.
Wondering how to meet the neighbors after moving to a
new town? In the past, you would have baked an apple pie and popped on
over, but come on, that's so 1950s. What do people do now?
After
scouring the craftiest corners of the Internet—from Pinterest to Etsy
and beyond—we learned that meeting the neighbors today can be as simple
as printing out a few pun-filled flyers, attaching a memorable munchie
or gift, then dropping them on doorsteps to work their magic. Here are a
few creative ways to meet the neighbors that you can buy for just a few
bucks, or (if you're a hands-on crafter) use as inspiration to make
your own knockoff.
They're guaranteed to make a memorable first impression.
Pop over with a snack
Who doesn't love popcorn?
Download a printable template,
edit with your new info and attach to a package of microwave popcorn.
Clever, right? Also not too costly, and easy to put together when you're
also trying to unpack a billion boxes.
Make 'em melt with s'mores
Even total shut-in neighbors will be tempted to warm up to you once they read one of these cards paired with a bag of marshmallows, a bar of chocolate, and a box of
graham crackers. Or, maybe you give a different s'mores component to
each of your neighbors and invite them over to share at your firepit.
Share whatever you're great at
Maybe popcorn or campfire treats aren't your thing. No judgment! These handcrafted tags
allow you to gift whatever you desire. Homemade cake's the example
given here, but maybe you want to show off your soap-making skills or
the dahlias in your new backyard.
Make 'em laugh
Hand out these cards
to show off your sense of humor and indicate how your expectations are
honestly pretty low for a neighbor: Just please don't be a serial
killer. Hopefully, they have a funny bone.
Kick-start some good karma
Pile some cookies on this "giving plate"
and pass it on! Since the whole point of the plate is to "pay it
forward," this gesture paints you as a generous soul—and a great
addition to the neighborhood.
Hold a housewarming party
Why wait to be invited to the block party when you can throw your own party right now?
If you're the extroverted type, don't stop at simply saying
hi. Ask them over already, using these customized housewarming party
invites.
Feed their coffee addiction
Seriously, who doesn't like a free travel mug?
It's coffee's world. We just live in it, so why not hand out travel mugs to your new neighbors? They will think of you every morning on their way to work.
Just give 'em cookies
These free printable tags don't bother being cute, they just get right to the point: We're new here. We give cookies. Trust us, it works.
(you could download printable templates at etsy.com)
Home Price Growth Slowing Down, but Not Dropping—at Least Not Yet
flyingv43/Getty Images
As the coronavirus pandemic drags on, it continues to
take a toll on the housing market, as home price growth continues to
soften and the number of new homes for sale plummets, according to the
most recent realtor.com® data.
The median home list price was up
just 0.3% year over year on realtor.com in the week ending April 18 in
the 100 largest real estate markets. The previous week it was up 0.8%,
the week before that it was 1.6%, and there was a 2.5% rise in the week
prior to that.
"We're seeing prices slow down. They haven't
dropped, but they have slowed down significantly," says realtor.com
Senior Economist George Ratiu. "Prices are likely to decline moderately over the next months and a lot steeper later."
The national median home price held steady at $320,000, virtually
unchanged for the past six weeks. While most real estate experts believe
prices will remain strong,
with no fire sales like around the Great Recession, this spring buying
season definitely won't be as strong as in previous years.
After all, about 26 million Americans filed for unemployment in the first five weeks of this crisis.
Many
buyers, about 38%, are simply waiting for the health and economic
crisis to pass to purchase a home, according to a recent realtor.com
survey. The survey was conducted April 15–17.
“Pricing your home
the way you did two months ago is impractical," says Ratiu. "In a normal
market, a lack of inventory pushes prices up. In the current market,
the lack of inventory indicates sellers are not confident they can sell
their homes at top dollar.”
The number of new listings on
realtor.com has continued to fall. Sellers worried about having buyers
inside their homes, not being able to fetch a good price, and moving
during a pandemic are pulling their homes off the market. Many would-be
sellers are deciding to wait until the crisis is over to put their
properties up for sale.
The number of new listings dropped 42% in
the week ending April 18 compared with the previous year. The prior week
the number of listings fell 47%, and they were down 31% in the week
before that.
"Sellers are reacting [to this crisis] by choosing not to put their homes up for sale," says Ratiu.
In
another sign that COVID-19 has upended the housing market, homes are
sitting on the market for six days, or 10%, longer than last year.
That's the biggest increase since 2013.
Now that the coronavirus pandemic has people across the country hunkering down at home to lower their exposure levels, even the most determined home buyer might be wondering: Is it safe to shop for a house right now?
While risk is a personal decision, the real estate industry is adapting to provide ways to go about home buying safely during the coronavirus pandemic. You can now do many things at a safe social distance, or even remotely, when it comes to buying a home that you may not have considered doing in the past.
Here are all the ways in-person checkpoints to buying a home have changed to keep you safe during the coronavirus pandemic.
FOR SALE: 20209 Creekspring Ct, Purcellville VA
Finding the right real estate agent
When it comes to buying a home, pairing up with the right agent is always key to finding your perfect property. But today, you need one who is tech-savvy and comfortable conducting meetings and business online.
To find an agent to further help you remotely, ask candidates if they offer virtual consultations and home tours. They should also be able to help you with e-signature apps so you can send and receive documents to sign digitally through email.
"If an agent doesn’t offer these services yet, I highly recommend finding an agent who is [comfortable] working with technology," adds Wells.
Virtual home tours
Crowded open houses with a plate of cookies for everyone to grab are a thing of the past—at least for now. Instead, you've got virtual open houses and video tours.
There are several ways to virtually tour a home. Along with photos, many listings were already starting to incorporate videos or virtual reality tours. You'll be able to tour the home, room by room, without physically stepping onto the property. However, these videos are filmed and edited, so you may not be able to see every nook and cranny. If you want to do a deeper dive, many agents will accommodate you.
Granted, we're not necessarily saying you should buy a house without seeing it in person, unless there's no choice in the matter. Nonetheless, it's smart to do what you can remotely to whittle down your options so you can choose what's worth an in-person visit, now or later.
Remote mortgage pre-approval
Some lenders had already made the entire mortgage process digital long before social distancing was needed. And now, many more have jumped on board out of necessity.
The first step is to interview a few loan officers over the phone or by video chat. Since mortgage interest rates are all over the map these days, it's extremely important to shop around and compare what they're offering—and make sure they're comfortable conducting all steps of the transaction online.
Ideally you want a lender that allows you to track your loan progress, view educational resources, and stay in touch, all without leaving the house.
In order to get pre-approved for a loan, the lender will need to review your income, debt, credit history, and other factors—and you'll need to submit paperwork verifying all of the above.
Luckily, most of this paperwork should be available online, such as pay stubs, tax returns, and bank statements. If you're unsure how to access them, a tech-savvy lender should be able to help. (Here's more on the paperwork needed for mortgage pre-approval, and why getting pre-approved matters.)
Remote home inspections
At a remote home inspection, inspectors take a lot more pictures than they might have in the past so clients can get a good idea of where the issues are. Once the report is completed, Sisson sets up a video call and emails clients PDFs of background information about why inspectors test what they do.
Virtual home appraisals
Home appraisals required by a lender generally include a site visit, which is not possible in some parts of the country where this is not considered an essential service. Luckily, appraisals pertain only to those getting loans, so cash buyers can skip this process entirely. But if you are getting a mortgage, fear not. The appraiser uses comparable properties for the reports. While these methods may not be to the penny in terms of value, they are relatively accurate and allow lenders to continue operating.
Remote home closings
In-person home closings—where all parties come together to sign contracts, swap keys, and shake hands—are, for the most part, not happening right now (especially the shaking hands part). However, most closings require some face-to-face interaction, since people have to sign documents and notaries need to stamp them in person.
So while home buyers will probably have to show up on closing day, it will look far different from the past.
A kitchen island is a useful and multifunctional component. Even the smallest kitchen island has the potential to offer many
uses. When considering small kitchen island ideas, select an island that
has the five following abilities:
1. Creates extra counter space 2. Can be used as an eating counter or breakfast spot 3. Has additional storage via drawers, shelves or hooks 4. Is sized correctly to not interrupt your kitchen work flow
A
practical eating counter island needs open shelving where knees can
tuck or an overhang on at least one side for low-profile, backless bar
stool to tuck in.
Good places for islands include the center of a kitchen. If you find that your kitchen doesn’t have the space for a permanent
island, choose an island that can be rolled, tucked away or moved to
another area as needed.
You don’t have to specifically go out and
purchase or custom make a kitchen island. There are a variety of small
kitchen island ideas that may work better in your small space than a
permanent cabinet piece. Here’s our favorite small kitchen island ideas.
Here are some kitchen island ideas:
A Restaurant Grade Small Kitchen Island
Visit
a restaurant supply store and pick up an industrial, commercial
stainless work table. They’re lightweight yet sturdy, durable in
stainless steel, come in a variety of sizes as narrow as 16” and are
fairly inexpensive.
For the most use, select one that has a towel
bar for hooks and textiles and open shelving below. Locking wheels are
helpful if you plan on moving your island often, although restaurant
grade work tables are often lightweight enough to move without needing
wheels.
A Butcher Block Kitchen Island
A
butcher block is a perfect island alternative. The surface is ready for
kitchen use and you can usually add a couple of stools to create a
snack counter.
A Repurposed Furniture Kitchen Island
A
cheap and effective way to add an island to a small kitchen is by
repurposing a furniture piece as an island. Some furniture as small
kitchen island ideas include:
A sofa table
Sofa
tables are designed to be narrow enough to sit behind a sofa or in an
entry way. Available in a variety of sizes and styles and normally
around 30” high, they make a good kitchen island option.
A cabinet
Recycle
an old or vintage cabinet as an island. Look for ones that have plenty
of shelving, drawers or other storage options. The one in the image
above was once a clothing store display cabinet.
A bar height dining table
A
tall dining table in the right proportion can be the perfect island for
dining, prep and counter space. Add hooks to the side for extra
storage.
The Drop Leaf Kitchen Island
A
smart way to add extra counter space to a kitchen involves the drop
leaf. Pop it up when needed and drop down for ease of movement in a
small kitchen.
If adding an island is not possible, take
inspiration from the drop leaf island and add a drop leaf at the end of a
kitchen cabinet or kitchen wall. The extra counter space could serve as
an eating nook or extra prep area that can be stored when not in use.
A Floating Island Ledge
Find
a space where a simple butcher block ledge can serve as a kitchen
island. If a ledge isn’t possible, create an enclosure with a minimalist
island design. Take inspiration from these two kitchens:
A Storable Kitchen Island
Is
there an open spot where an island can store when not in use? Design a
kitchen island that will fit in the dimensions of the opening. Better
yet, if you’re designing a kitchen, include one cabinet piece that can
roll out and be used as an island or extra counter space in a different
spot.
A Rolling Kitchen Island
Regardless
of the island you use, if you need the island to be mobile, adding high
quality wheels to one is an easy upgrade. Choose high density
polyurethane wheels that have a locking mechanism that keeps the island
from moving.
Competition for housing is so high, the spring market is starting now
The severe shortage of homes for sale is upending the sales calendar for the whole housing market. Spring has historically been the busiest buying season, but as competition for homes heats up across the country, January is the new April. Spring starts now.
“As shoppers modify their strategies for navigating a housing market
that has become more competitive due to rising prices and low inventory,
the search for a home is beginning earlier and earlier,” said George
Ratiu, senior economist at realtor.com. “With housing inventory across
the U.S. expected to reach record lows in 2020, we expect to see this
trend continue into the new year.”
Home price gains had been shrinking in the first
half of 2019, but those gains began to pick up again in September and
continued in October, according to the latest S&P CoreLogic
Case-Shiller Home Price Indices. Price increases are broadest on the
lower end of the market, while they are softening slightly on the high
end.
With more buyers jumping into the market in January, this
year’s spring market will likely see even fewer homes for sale. Current
homeowners are reluctant to give up what they have, given how pricey the
market is now, so it is up to the nation’s homebuilders to ease the
supply crisis. They are increasing production slowly, but have not fully
focused on the lower end of the market, where supply is leanest.
