“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.
Why It’s Still Safe To Sell Your Home
Real estate professionals use new technology, tools, cleaning procedures, and the latest guidance to meet your changing needs and to keep you safe.
Understand Your Options To Avoid Foreclosure
There are alternatives available to help you avoid having to go through the foreclosure process and a real estate professional can help you.
Home Price Appreciation Is Skyrocketing in 2021. What About 2022?
Price appreciation is expected to slow in 2022 when compared to the record highs of 2021.
Reasons You Should Consider Selling This Fall
If you’re trying to decide when to sell your house, there may not be a better time to list than right now.
5 Reasons Today’s Housing Market Is Anything but Normal
The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning.
What You Can Do Right Now To Prepare for Homeownership
It’s important to talk to someone who understands the market and what it takes to become a first-time homebuyer.