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 latestU.S. Census BureauandU.S. Department of Housing & Urban DevelopmentResidential Sales Report, the number of these permits were up 7.4% over last year.
How will this impact buyers?
More inventory means more options.Lawrence Yun,NAR’s Chief Economist,explainedthis is good news for the housing market – especially for those looking to buy:
“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”
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. AsChiefEconomistNela Richardson, added:
“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”
If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.
Author:Kim Guest Phone: 864-918-0066 Dated: March 6th 2018 Views: 243 About Kim: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
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