Robert Backer: Housing & Appliance Shortages

Wednesday, July 28, 2021 - by Robert Backer, president, Greater Chattanooga Realtors
The residential housing inventory shortage has been burdensome for some years. However, since the pandemic began, the lack of homes for sale is creating even more problems – intense buyer competition, high home prices and a historic supply crunch. Thus, the National Association of Realtors is urging a “once in a generation” federal response to address decades of underinvestment and underbuilding.
 
In a recent article from Realtor Magazine, DeedClaim, an online deed preparation service, analyzed the 50 largest metros to identify the markets with the most significant housing deficits.
This study crunched realtor.com® data to determine each metro area’s supply levels and analyzed population changes to find where the lowest amount of available housing is compared to demand.
 
So how does that affect our market? Most of us are used to hearing about real estate inventory crunches in big cities like San Francisco and New York, but the most severe shortages aren’t in those markets. In fact, cities like New York, Miami, Chicago and Los Angeles are currently experiencing a housing surplus, due in part to many people taking advantage of working remotely and moving to more affordable areas of the country.
 
Surprisingly, this study shows that Nashville is the 12th in the U.S. with the biggest housing shortage. When our neighbors only two hours away are dealing with this issue, it’s clear that it impacts our area as well.
 
At Bankrate.com, Dhara Singh explains it like this. “As the coronavirus took hold in the U.S., manufacturers, including in the appliance sector, suddenly had fewer workers available, delaying production and shrinking supply. The constraints also affected foreign suppliers who contribute appliance materials and parts. The shortages began in March 2020, when pandemic shutdowns started and homeowners found themselves staying home, using appliances much more frequently as well as looking to remodel.”
 
Much like the housing shortage, no one is exactly sure when these appliance concerns will return back to normal, but the housing situation locally had some hopeful news in the past few weeks. Recent actions taken by the Chattanooga-Hamilton County Planning Commission look to ease the burden of housing shortages by easing restrictions for new smaller lot sizes and setbacks in order to get more homes in new residential developments. Simply put, building more houses will allow for increased housing inventory, which will help costs stay in a more affordable range for everyone.
 
These “growing pains” seem to just be a part of the housing market for now, and Realtors across the country are working to do what they can to ease these issues. Realtors work for homeowners across the country and our community. That’s Who We R.

Patrick Martin Joins Fletcher Bright Realty

Robert Backer: August 2021 Local Housing Market Statistics

Tonya Bell Receives RCE Designation From National Association Of Realtors


Fletcher Bright Realty announces Patrick Martin has joined the firm as an affiliate broker. Originally from New Orleans, La., Patrick had a lifelong career with the U.S. Postal Service, ... (click for more)

In August, the housing market showed few signs of cooling off. School has started, and the majority of students are reporting for in-person schooling. But the hot real estate market isn’t just ... (click for more)

Tonya Bell, MLS Director, of the Greater Chattanooga Realtors is being honored by the National Association of Realtors with the realtor association certified executive designation, which recognizes ... (click for more)



Real Estate

Patrick Martin Joins Fletcher Bright Realty

Fletcher Bright Realty announces Patrick Martin has joined the firm as an affiliate broker. Originally from New Orleans, La., Patrick had a lifelong career with the U.S. Postal Service, most recently serving as the postmaster for Whitwell, Tn. He appeared in the Miramax production, Paperclips, a documentary that teaches middle schoolers about the meaning of diversity through ... (click for more)

Robert Backer: August 2021 Local Housing Market Statistics

In August, the housing market showed few signs of cooling off. School has started, and the majority of students are reporting for in-person schooling. But the hot real estate market isn’t just limited to single-family homes; the rental market is quite hot as well. The booming U.S. housing market has spilled over to the rental market with demands for apartments and single-family ... (click for more)

Breaking News

Police Say Videos Show Man Who Said He Was Attacked By Gang Initiated Fight, Was Intoxicated And Belligerent

Chattanooga Police say videos show that a man who claimed he was attacked by gangs downtown actually initiated a fight and was intoxicated and belligerent. Police said their investigation showed a number of discrepancies in Stuart Doster's Facebook account that was widely viewed. Mr. Doster on Facebook said he was walking to his car on Cherry Street in downtown Chattanooga ... (click for more)

PHOTOS: Ed Johnson Memorial Dedicated

Opinion

False Alarm - And Response

Stuart Doster should be arrested and charged with something. I'm not sure what but CPD should deter future misrepresentations and wastes of time like Mr. Doster's story. He lied to authorities and wasted valuable resources that could have been used to solve real crimes. In addition, his elected official buddy co-signs his falsehoods about black youth terrorizing downtown Chattanooga ... (click for more)

Roy Exum: A Terrifying Thought

It is no secret the Delta variant of the COVID pandemic has all but crippled our bulging hospitals. There isn’t a room to be found in any nearby hospital and the ravaging consequences are best detailed in our ever-rising death rates. But it could be worse. As of Friday, there were 3,422 patients hospitalized in Tennessee with 1,033 in intensive care, 747 so sick they are on ventilators. ... (click for more)