Remove Construction Remove Development Remove Housing Market Remove Renovations
article thumbnail

Construction worker shortage has reached “crisis” levels

Housing Wire

To keep pace with current construction demand, and account for attrition, 740,000 new construction workers are needed each year for the next three years , a report by the Home Builders Institute contends. million new hires for construction. The construction worker shortage has reached crisis level.

article thumbnail

Opinion: More financing options for ADUs are needed

Housing Wire

In the ongoing struggle for attainable housing, one positive development has been the increased availability of funding options for homeowners seeking to incorporate Accessory Dwelling Units (ADUs) into their properties. Draw structures for loans supporting new construction of ADUs, especially for prefab, are still “clunky.”

Finance 458
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Housing Market Has Become Like the Pymatuning Spillway

Cleveland Appraisal Blog

So many visitors have stopped by over the years, that they renovated the area to make it more visitor friendly, with better parking and a nicer observation area. This fish phenomenon reminds me of the housing market today. It is likely that the market data just doesn’t support the price. It is free to visit.

article thumbnail

What Will It Take to Solve the Housing Crisis? 

Appraisal Buzz

Entering the housing market today is challenging for many homeowners. Building entire neighbors can encourage large-scale construction. These developed skinny towers as luxury condominiums. Immigration policies can impact construction because the industry relies on them for labor. Loosen Immigration Policies.

article thumbnail

With low inventory, house hunters are in full safari mode

Housing Wire

This, in part, is causing the tight inventory we’re seeing in the housing market today, as two out of every three houses have mortgages with interest rates below 4% and aren’t motivated to sell their house unless a significant circumstance warrants it.” million more housing units to meet existing demand.

Inventory 455
article thumbnail

Biden to call for first-time homebuyer tax credit, construction of 2 million homes

Housing Wire

The White House announced that President Joe Biden will call on lawmakers in the House of Representatives and the Senate to address a series of housing issues in his State of the Union address, which will be delivered to a joint session of Congress and televised nationally on Thursday night. The NHC lauded the development.

article thumbnail

Why Appraisers Don’t Depreciate Land

Cleveland Appraisal Blog

What’s the difference between a newly constructed home and a hundred-year-old home? When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated.

Appraisal 279