Special Edition: Real Estate and Renovation Frenzy
The NewsWorthy
Erica Mandy
4.7 • 1.3K Ratings
🗓️ 26 June 2021
⏱️ 14 minutes
🧾️ Download transcript
Summary
Today we're talking about the booming housing market. The National Association of Realtors says home prices are at record-high levels and still climbing. The trend is fueled in part by a lack of supply. There are simply not enough houses to accommodate everyone looking to buy one right now.
We're talking about all this and more with Daryl Fairweather, the chief economist for the real estate brokerage Redfin. She says the current situation exposes deeper, more fundamental problems with the housing industry that desperately need to be fixed.
But first, we'll hear from the contractor and real estate investor Scott McGillivray. He's the host of the HGTV renovation show "Vacation House Rules," which is now in its second season. He's talking about how material shortages have impacted the building industry, weighing in on the state of the rental market and explaining why remodeling may be preferable to buying a new house right now.
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Transcript
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| 0:00.0 | Today is Saturday, June 26. We're talking about the state of a booming housing market. |
| 0:05.1 | The National Association of Realtors says home prices are now at record high levels, |
| 0:09.9 | and they're still climbing. The trend is fueled, in part, by a lack of supply, which can make buying |
| 0:15.0 | a home especially frustrating right now. There are simply not enough houses to accommodate everyone |
| 0:20.3 | looking to buy one. Today, we're talking about all this and more with an expert. Daryl Fairweather |
| 0:25.9 | is the chief economist for the real estate brokerage Redfinn. She says the current situation |
| 0:30.4 | exposes deeper, more fundamental problems with the housing industry that desperately need to be fixed. |
| 0:35.9 | But first, we'll hear from contractor and real estate investor Scott McGilvery. He's the host of the |
| 0:40.9 | HGTV renovation show Vacation House Rules, which is now in its second season. He's talking about how |
| 0:47.2 | material shortages have impacted the building industry, weighing in on the state of the rental |
| 0:51.9 | market, and explaining why remodeling may be preferable to buying a new house right now. |
| 0:59.3 | Welcome, welcome to the newsworthy's special edition Saturday, when we sit down with a different |
| 1:04.0 | expert or celebrity every Saturday to talk about something in the news. Don't forget to tune in |
| 1:09.0 | every Monday through Friday for our regular episodes where we provide all the day's news in 10 |
| 1:13.6 | minutes. Fast, fair, fun, and on the go. I'm Lacey Evans, filling in for Erica Mandy during |
| 1:19.1 | her maternity leave. It's now time for today's special edition Saturday. |
| 1:26.0 | Hi, Scott. Thanks for joining us on the newsworthy. Thanks for having me here. |
| 1:29.6 | Tell us a little bit about how you got into real estate investing and renovations. |
| 1:34.0 | I went to college and in my final year, my friends and I were struggling to find a property that |
| 1:41.5 | we could rent and realize that it might actually be more affordable to purchase a property |
| 1:48.2 | instead of renting one. Using my student loan, I ended up putting a down payment on a property, |
| 1:54.7 | renting out the other rooms to my friends. By the end of that school year, I realized that there |
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