Home Selling Team
Sue Esposito, Home Selling TeamPhone: (860) 428-3201
Email: [email protected]

Tips for the Homebuyer During a Housing Shortage

by Sue Esposito 06/02/2021

Image by Sandro Porto from Pixabay

On the basic level of supply and demand, a housing shortage leads to higher home prices. But let's look beyond the obvious at a few other considerations a homeowner might want to make in response to a housing shortage, as well as a few tips for the prospective homebuyer. 

More Housing, Same Space

Wondering what the best investment you can make to raise the property value is? Creating extra housing within the existing footprint of the property is one of the best ways to go. Creating an attic or basement apartment in the existing home is one way to go, so is building an entirely new structure to house a granny flat. You could look into garage conversions, see if there are changes that could be made to any existing outbuildings, or break ground and start from scratch. In response to the housing shortage there are many laws being passed to make it easier for homeowners to receive approval for adding additional residences to their property, including simplifying licensing procedures and even overriding some HOAs, including one that just went into effect statewide in California. 

A Great Time to Sell the As-Is Home

A housing shortage doesn't just drive prices up, it can cause buyers to quickly snap up houses with cosmetic flaws that would normally linger on the market. If the thought of doing needed house painting or landscaping feels like it defeats the purpose of selling the home, then now might be the right time to put your home on the market. Additionally, if you'd already been planning to sell your home, but have continually been adding to a never ending list of projects to complete before selling, then now is the time to list, while the market is hot, even if you're DIY home improvements are still a far cry from perfect. 

Getting Into the Rental Market Is a Strong Income Source

If you're planning to purchase and move to a new home, you may want to re-think selling your current one. Although it may be a strong market for selling a home, the rental market could be robust. If you can afford to keep your current home, you may have an ideal income-producing investment on your hands. 

3 Tips for the Homebuyer During a Housing Shortage

If you're looking to buy a home during a housing shortage, don't despair of the shortage. You'll have luck, just expect it to take a bit longer and follow this advice:

  • Work with a top-notch agent. To find the available houses you'll need to work with the agent who knows where to look.
  • Choose where you're most willing to compromise on your 'dream home' in advance.
  • Be ready to move quickly. Have all your paperwork and finances in order, and be ready to go when you find the right place.
  • About the Author
    Author

    Sue Esposito

    There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how I work.

    • Full Time Real Estate Professional with an excellent work ethic
    • 32 years of real estate experience working with a diverse client base of both buyers and sellers
    • Certified Real Estate Negotiation Expert
    • Passionate about the Real Estate profession and advancing education and skills
    • Proficient with technological advances in marketing strategies
    • Employs a Full Time Licensed Real Estate Listing and Transaction Manager
    • My Designations include Broker, ABR, CNE, CRS, GRI, MRP, SFR, and SRS. 
    • Licensed in CT