“With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams.”
When you’re ready to buy, you’ll need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many buyers are considering a new home that’s recently been constructed, or they’re building the home of their dreams.
According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB),
“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.”
This is great news for homebuyers because it means there is additional inventory coming to the market, giving buyers more choices. The most recent data from NAHB shows,
“The inventory of new homes for sale was 321,000 in September, representing a 5.5 months’ supply. The median sales price was $299,400. The median price of a new home sale a year earlier was $328,300.”
Another added bonus is that builders are very aware of buyer demand in this segment, so they’re now building in a price range where there are more interested buyers ($299,400 instead of $328,300). With a reduced sales price and low-interest rates, today’s buyers have strong purchasing power.
If you’re thinking of buying a home, you may want to consider a new build to meet your family’s needs. Let’s get together to discuss the process and review what’s available in our area.
To view original article, visit Keeping Current Matters.
With today’s positive equity situation, many homeowners will be able to use a loan modification or refinance to stay in their homes.
With high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms. Why wait until spring?
As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward.
Home price appreciation in 2021 will continue to be determined by the imbalance of supply and demand.
With so few homes available for buyers to choose from, we’re in a true sellers’ market. If you’re thinking of selling your home, now may be the time!
Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.