“The number of building permits issued in January was 1,551,000. This is a 9.2% increase from December. Find out what that means to you.”
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained how this is good news for the housing market – especially for those looking to buy:
“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”
How will this impact sellers?
More inventory means more competition. Yun continues to say:
“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
- A great sale price on their house as buyers engage in potential bidding wars.
- A quick sale as buyers have little inventory to choose from.
- Fewer hassles as buyers want to smoothly secure a contract.
Bottom Line
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.
To view original article, visit Keeping Current Matters.
Existing Home Sales Reach Highest Annual Pace in 11 Years
Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.
Top 5 Reasons You Shouldn’t FSBO
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.
Top 4 REAL Reasons We Buy a Home
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.
Buying Or Selling in 2018? 5 Reasons to Resolve to Hire a Pro
As we usher in the new year, one thing is for certain…if you plan to buy or sell a house this year, you need a real estate professional on your team!
There’s More to a Bubble Than Rising Home Prices
What truly causes a housing bubble and the inevitable crash?
How Rising Prices Will Help You Build Family Wealth in 2018
Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!