“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.
The Average Homeowner Gained $64K in Equity over the Past Year
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home.
More Americans Choose Real Estate as the Best Investment Than Ever Before
Your house is also an asset that typically increases in value over time, even during inflation.
Why You Need an Expert To Determine the Right Price for Your House
Your goal is to aim directly for the center – not too high, not too low, but right at market value.
What Does the Rest of the Year Hold for the Housing Market?
Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market.
Why Summer Is a Great Time To Buy a Vacation Home
The first step is working with a local real estate advisor who can help you find a home in your desired location.
Sellers Have an Opportunity with Today’s Home Prices
If you’re thinking about selling your house, you have a great opportunity to capitalize on today’s home price appreciation.