347: The Housing Shortage Explained
The Housing Shortage Explained If you've ever been asked "how's the market?" and didn't know what to say — this one's for you. We sat down with Dr. Lawrence Yun, Chief Economist at the National Association of Realtors, live at the NAR podcast studio in Chicago for a real conversation about housing market trends for Realtors right now. From the housing shortage and the lock-in effect to capital gains tax reform and why first-time buyers are so stuck, Dr. Yun breaks it all down in plain language. We're the data nerds who cover the NAR Home Buyers and Sellers Profile Report every year — so getting face time with the person behind the research was a big deal for us. And he did not disappoint. Here's what we cover in this episode: -How to answer "how's the market?" when national and local data don't match -The housing shortage by the numbers and what it will actually take to fix it -Why the median age of first-time buyers hitting 40 is a five-alarm problem -The lock-in effect and why it may finally be loosening -Why 6% isn't historically high but still feels impossible for today's buyers -The capital gains exemption that hasn't been updated in 30 years -What the Housing for the 21st Century Act could do -How investor-owned rental properties could help first-time buyers -Dr. Yun's personal immigration story and what homeownership meant to his family Products, People & Previous Episodes Mentioned: -NAR Home Buyers and Sellers Profile Report -NAR Affordability Index -NAR Existing Home Sales Statistics -Housing for the 21st Century Act -Ability to Repay Act -Blue Chip Council -Wall Street Journal Forecasting Survey -Joint Center for Housing Studies at Harvard University YouTube Chapters: 0:00 Welcome & Recording in Chicago at NAR 1:45 Introducing Dr. Lawrence Yun 3:00 How Lawrence got into housing economics 4:45 Taking over as Chief Economist in 2008 6:00 How Realtors should answer "how's the market?" 8:00 Is the market tiered by price point? 9:30 Dr. Yun's personal immigration story 12:15 Is it always a good time to buy? 13:00 The rising age of first-time buyers 15:10 Why affordability is more than just interest rates 17:15 The lock-in effect explained 19:20 Is 6% actually a high rate? 22:40 What will fix the housing shortage? 25:00 The Housing for the 21st Century Act 26:15 Distressed homes and the inventory gap 27:00 Investors and their role in the market 29:40 Capital gains tax reform — the 30-year-old exemption 32:30 Investment properties and first-time buyers 34:40 How many units short are we really? 35:45 How long will it take to dig out? 36:10 Final words for Realtors in the field 👉 Leave us a review: http://ratethispodcast.com/hustlehumbly 👉 Get your FREE Database Template: http://hustlehumblypodcast.com/starthere 👉 Email Templates 101: http://emailtemplates101.com 👉 Agent Systems 101: http://agentsystems101.com 👉 All Resources: http://hustlehumblypodcast.com 👉 Submit your topic ideas & toasts: [email protected] 🎵 Music: Straight A's by Connor Price → https://connorprice.shop/ The Good Life by Summer Kennedy → / the-good-life Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-one If this episode helped you, give it a like, drop a comment below, and make sure you're subscribed so you never miss an episode of Hustle Humbly!
