Creating Our Own Future Keeping housing affordable is a core value. As REALTORS®, we can and should be leading the way.
BY MARK ZIMMERMAN SENIOR VICE PRESIDENT OF EXTERNAL AFFAIRS As we embark on a new decade, this is an excellent time to reflect on what we want our communities to look like over the next ten years. Do we want them to have an inclusive, diverse population? Do we want them to be welcoming to all who want to live there? Do we want them to have housing options that are affordable so people of varying income levels can live there? The decisions that we make locally will affect the answers to those questions. To a large extent, we decide what kind of communities we live in. We need to plan appropriately now to realize the future we want to have. If you happen to live and work in one of North Carolina’s growing urban and suburban areas, communities are 8 INSIGHT • February 2020
changing at a rapid pace. This is certainly true of Charlotte and the Triangle, which are among the fastest-growing areas in the country. But the same can be said for other sections of the state that are experiencing economic vitality. With low unemployment in these areas, job growth requires population growth, and all those new people need to live somewhere. The question is, are we building enough new homes to accommodate them or not? So far, the answer is no. New construction, while picking up recently, has not kept pace for over a decade with the demand for housing. You, as REALTORS®, have experienced this firsthand. You’ve seen the post-recession buyer’s market shift dramatically to a seller’s market over the last several years. In short, supply hasn’t kept up with demand, and we all know what that means. Prices increase well above the inflation rate as too many buyers bid on too few properties. Unless that imbalance is addressed, over time more and more people at higher and higher income levels will no longer be able to afford the cost of housing. The result? The day will come when middle-class families will be locked out of the market because housing options
