As a Home Owner Association (HOA) board member, your responsibilities are vast and wide. It’s probably not very often that you get an opportunity to stop for a moment, look, and see the value that your property management company is providing your community.
However, right now is the perfect occasion for association board members to take a moment and ask, “How do the economy, technology, and demographics impact our association?” Perhaps more importantly, “How can we leverage what our property management company knows and make our association and our neighborhood the best it can be for our members?”
HOA board members should be working closely with a reputable community property management company like Acri Community Realty. Acri community property management has the knowledge, experience, and expertise to assist HOAs in growing and maintaining their community.
Your homeowners want comfort in knowing that the value of their property is worth the amount of money they have paid for it as much as home buyers want to ensure they are getting their money’s worth.
Is Affordable Housing Being Threatened in your HOA?
There’s currently a shortage of affordable homes for sale around the entire United States – including Pittsburgh and it’s surrounding areas. A scarcity of affordable housing causes overvaluation to occur. This means in a competitive market, consumers are willing to pay more to live in a home than the home might be worth.
This trend and the inflation that we’re seeing in home prices should not be compared to the housing bubble we experienced a decade ago though. The United States has taken many actions placing more conservative home buying and home lending processes now than what was in place a decade ago. Our new policies prevent consumers from paying extravagantly more than a house is worth. Thankfully, these same new rules also prevent buyers from paying more than they can reasonably afford.
Because the growth we’re seeing is more controlled, will see a slow and steady glide toward more reasonable rates rather than a crash.
Acri Community Property Management Predicts 5 Things About Affordable Housing
- Affordable single-family homes around Pittsburgh will be hard, but not impossible, to find.
- In 2018, we expect to see the average home prices and rent in in the Pittsburgh and surrounding neighborhoods begin to level-off.
- This trend is expected across the country after recent years of rapid increase. The slowdown is part of our economy’s natural cycle. When home prices and rents reach as high a rate as they have in over the last 5-10 years, our economy attempts to compensate with price correction until the supply can catch up to the demand.
- Therefore, primary markets in the United States that have seen extreme price growth in recent years, will gradually glide back down to more sustainable long-term rates.
- We expect Pittsburgh and nearby communities to see rising interest rates in 2018. This increase in interest will be due to our homebuyers, businesses, and investors discovering the more affordable spaces in our city and suburbs.