The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months.
According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.
How will this impact buyers?
“It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
A great price on their home as buyers outbid each other for it
A quick sale as buyers have so little to choose from
Fewer hassles as buyers don’t want to “rock the boat” on the deal
With an increase in competition, the seller may not enjoy these same benefits. As Hale said:
“As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”
If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.
If you would like help marketing and selling your home, we would be honored to assist you. Complete the GET IN TOUCH form on this page, or just call us at 469-262-5411, and a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United Real Estate Company, will get back with you as soon as possible.
Content credit to Keeping Current Matters at www.simplifyingthemarket.com.