“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.
To Renovate or Not To Renovate Before You Sell
Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity.
What Is the Strongest Tailwind to Today’s Recovering Economy?
Real estate has been a beacon of light during a very challenging time in our nation’s history.
What Is the #1 Financial Benefit of Homeownership?
The wealth-building power of homeownership shows that home is not only where your heart is, but also where your wealth is.
How to Make a Winning Offer on a Home
A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer. Let’s connect today to make sure you’re headed in the right direction.
Will the Housing Market Bloom This Spring?
Here’s what a few industry experts have to say about the housing market and how it will bloom this season.
6 Simple Graphs Proving This Is Nothing Like Last Time
In 2020, real estate had one of its best years ever. Home sales were up over the year before. Find out why it’s different from 2008.