Back in 2005, when the housing market started to decline through the main crash in 2008/2009, people started getting loans for properties when they shouldn’t have. Combine that with a slowed job market, and many of these people had to default on their loans. A decade later, while the market has grown significantly, we’re still not in a normal situation, since market inventory is low and there’s a high demand for homes, especially in the $100,000 to $250,000 range. Even ready, willing, and able buyers have to offer more for homes than they’re worth, which makes finding affordable housing a difficult process.
A SOLUTION IN THE MARKET:We brought up one solution to this problem by bringing Kelvin Young of KEYO Tiny House onto our show. He builds beautiful, stick-built tiny homes and is driven to do this to bring affordable housing to the marketplace. These homes feature high-end appliances, tankless water heaters, granite surfaces, 16-foot ceilings, and a host of other incredible amenities.
THE HOUSING CRISIS CONTINUEDIn the second part of Today’s Real Talk Episode 1 podcast, we continue to cover the affordable housing crisis in relation to relaxed land use and zoning rules. We bring back Kevin Young from KEYO Tiny House, as well as Levi Santos from MVB Bank. Levi runs a program that was originally designed for people building custom homes, but today is used for those building a KEYO Tiny House.
Through this program, buyers with a minimum score of 660 can qualify for a mortgage to build a KEYO Tiny House. With this opportunity, they also have the flexibility to build on property where they normally wouldn’t be able to afford to live, like right off of Lake Norman.
THE FINAL WORDWe enjoyed talking about what’s going on in the market in terms of affordable housing right now and hope you go ahead and listen to this two episodes in their entirety. Catch us next time on Today’s Real Talk!
Resource Links:
KEYO Tiny House: https://www.keyotinyhouse.com/
Levi Santos with MVB Mortgage: https://lsantos.mvbmortgage.com/
Charlotte Regional REALTOR® Association April 2018 Market Report: https://apps.carolinarealtors.com/files/Local%20Market%20Update%20April%202018.pdf
National Association of REALTORS® Stats: https://www.nar.realtor/sites/default/files/documents/ehs-04-2018-summary-2018-05-24.pdf
Forbes Article Discussing Affordable Housing Solutions: https://www.forbes.com/sites/lawrenceyun/2018/05/02/what-to-do-to-relieve-housing-inventory-crunch/#10ead25e3e0e
Husqvarna AutoMower Video: https://www.youtube.com/watch?v=KE7O3dK07nQ
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