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From tracking inventory, to using ladders or forklifts, to working on a construction job site, monitoring health and safety is something every business must be aware of. For example, if you are a construction company, it might make sense to revisit safety procedures after every construction project. What worked?
The projected slowdown could also reduce demand for new construction even though experts estimate our national housing shortage is about 4M units today. The researchers acknowledge that with such a steep housing shortage, the construction levels could be higher than their stark projections. Insert audible gasp here, perhaps?
Attend industry conferences and seminars 3. Four to five-story condo/townhome developments are under construction in my city (also across the street from my former office, now demolished) and other Bay Area cities. Nine specific actions for real estate appraisers to stay informed 1. Regularly review market reports 2.
Inventories are on the rise, so much so that one area is now considered a buyer’s market. The bright spots include increasing inventory and falling prices across most of the region. Inventory levels are mounting in King, now at 1.9 Single-family inventory stands at 2.5 Single-family inventory stands at 2.5
This trend has doubled since 2019, with built-to-rent homes making up 10% of new construction (8% in the PNW). Both major political parties offer solutions focusing on increasing housing construction. Owners for more than three-quarters of the 48-story inventory of homes are preparing to sign closing papers and move in soon after.
Without their spirit to rebuild, our thinning housing inventory would be more dire than it is today. Soaring costs of labor and construction materials is certainly contributing to the rising figure but there is evidence of a sharp increase in home improvements since the start of the pandemic. Condo inventory is not much better.
If you’re an attorney or real estate professional and would like to learn about how appraisers account for rapidly changing markets, like the one we are in, please join Kristin Baum and I on her seminar, where we will be discussing this topic. A Look at New Construction Trends in the Birmingham Market- Birmingham Appraisal Blog.
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