“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.
Have You Ever Seen a Housing Market Like This?
2020 will certainly be one to remember, with new realities and norms that changed the way we live and real estate is no exception.
The 2020 Homebuyer Wish List
The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.
Homebuyer Demand Is Far Above Last Year’s Pace
If your current home doesn’t meet your family’s needs, let’s connect to help you sell your house and make the move you’ve been waiting for.
How Will the Presidential Election Impact Real Estate?
The year 2020 will be remembered as one of the most challenging times of our lives.
It’s Not Just About the Price of the Home
Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money. Now may be the perfect time to purchase your dream home.
Three Ways to Win in a Bidding War
The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market.
#brookhamptonrealty