Charlotte hosted a conference featuring the National Association of Realtors Chief Economist Lawrence Yun. Dr Yun said during a conference Tuesday morning at the Marriott that our housing market is healing. As part of a Channel 14 news feature Helen Adams Realty’s Lauren Ponder mentions the changing buyer sentiment and increased sense of urgency as mortgage rates begin to rise and the inventory of homes declines.
Lauren Ponder
Dr. Yun stated that sales have increased for two straight years and inventory is falling. He says that’s a good indicator that the housing market is finding an equilibrium. “By this time next year, provided there is a continuing job addition in the economy, the housing market is set to return to healthy status,” said Yun.
Dr. Yun says that improvement could be derailed if two things happen. First, he says new home construction needs to improve. He says current building is at a stand still because banks aren’t lending to builders. He says the new home inventory is at a 40 year low. He says the lack of inventory could cause a housing shortage and prices to spike. Second, Yun says Washington lawmakers are considering a proposal to raise required down payments for some home buyers to 20 percent. He says the proposal is intended to avoid another housing bubble. Yun says the legislation could stall or damage the housing market.
Please visit the Channel 14 website to see the full coverage of this story.
Video includes Helen Adams Realty’s Lauren Ponder working with a buyer.
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