Year-Over-Year Dip in Home Sales (February)
Industry expert predicts declining statewide home sales during peak months due to low listings
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Newsmakers: Update on Workforce Housing Shortage
Walworth County Owner-Occupied Housing Report
AN ANALYSIS OF WALWORTH COUNTY AND ADJACENT COMMUNITIES
Of particular note, our results suggest a significant shortage of affordable owner-occupied housing — i.e., the price bracket of homes that includes starter homes.
Policy that addresses this sector of the housing market — for example, policies that reduce fixed development costs, which most heavily impact the development of the most affordable homes— may improve the overall health of the entire housing market and ensure that there is sufficient supply of
affordable owner-occupied homes.
One change that could encourage housing development is to establish a consistent schedule of low fees and non-onerous regulations across communities, or setting reduced fees for starter-priced homes. The fees, permits and processes a prospective developer must adhere to vary considerably between communities. These hurdles create inefficient “shoe leather” costs, or the additional costs from time and effort that developers are required to incur while parsing through differing standards.
The additional costs are inevitably passed on to the homebuyer or may even discourage developers from constructing affordable owner-occupied housing altogether and instead choose to construct larger homes with higher profit margins where these costs can be more easily absorbed. Ultimately, such costs are either passed on to the homebuyer, prevent the expansion of the affordable owner-occupied housing stock, or both.