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Alabama and its Fluctuating Affordable Housing Market

Alabama and its population of more than 5 million has been facing an affordable housing crisis for the past 15 years. However, things are beginning to normalize after a long time with 6 million sales recorded by the state in 2021. The demand-and-supply gap continues to exist but with global supply chains returning to normalcy and other market dynamics becoming favourable, things are beginning to portray a brighter side. With a group of 20 leading economists who analysed the current market, a number of conclusions have been drawn. Although housing prices are expected to increase 5.7% in 2022, the pandemic backlog is expected to reduce substantially. Housing sales are predicted to drop a little going to 5.9 million but at the same time, starts are expected to rise, hitting 1.67 million. These states will ease the pressure on the affordable housing market. Here are some of the challenges that the state is facing at present; Existing Resources Aren’t Enough Alabama continues to struggle with a lack of financial resources to address the city’s affordable workforce housing issues. The state’s federal entitlement has decreased dramatically over the years. As a result, home production investment has decreased. As a result of the decreasing availability, people are having difficulty finding new projects that fit within their budget. As a result, the condition has become more serious. Decreasing “Affordability”… Read More »Alabama and its Fluctuating Affordable Housing Market

Tips for Buying an Affordable House in Vegas

Are you planning to buy a house in Las Vegas? With the massive growth of the population in 2018, it comes as no surprise that the real estate market in Las Vegas is on the rise. With our three tips, you can hunt for an affordable house in Las Vegas. Tip Number 1 – Learn To Be Patient Staying patient is one of the most important things to do when you are thinking of buying a house in Las Vegas. If the budget of the client is lesser as compared to the average price range, it could lead to a lot of competition. Hence, you need to learn the art of patience to reach your perfect destination. You might even have to make offers on a number of properties, but do not lose hope and stay consistent and patient. Tip Number 2 – Learn To Be Efficient With Finances When you are set to buy a home, the first thing to consider is the finances. How much can you afford to pay? Set a range for your budget so that you can look for the houses in your specific budget. Get the loan approved beforehand if you are searching for a house. This way, you can narrow down your search for your particular budget. The average price of a house in Las Vegas costs around… Read More »Tips for Buying an Affordable House in Vegas

Maxwell Drever Addresses Supply and Demand Gap in Affordable Housing

In recent years, the idea of cheap housing has drawn a lot of attention. However, the COVID-19 pandemic’s difficulties have significantly hampered the sector. The gap between supply and demand has been steadily expanding as a result of increased pricing and postponed development schedules. According to Maxwell Drever, the pandemic that resulted in job losses or salary reductions has significantly increased demand without having a significant impact on supply. Demand and supply must cooperate for affordable housing initiatives to be successful. Stakeholders on both sides have a lot at stake, so getting affordable housing right is crucial. The disruption of the global supply networks for building materials makes this a difficulty in particular. Building cheap homes is becoming increasingly challenging as a result of rising labor expenses. However, there are a few strategies to make supply and demand go hand in hand. Identification of Bottlenecks is Crucial per Maxwell Drever Maxwell Drever notes that finding a workable solution depends on understanding the root of the issue. With the COVID-19 outbreak and its effects, there have been several supply-side bottlenecks, from high labor costs to sluggish building material supplies. At the same time, it has become harder to find reasonable choices for housing financing. Knowing the issues is the first step because each requires a unique discussion and different planning. Importance of Industry-Wide Collaborations Multi-level cooperation… Read More »Maxwell Drever Addresses Supply and Demand Gap in Affordable Housing