Thinking of Selling your Home? Competition is Coming
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.
How will this impact buyers?
More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market - especially for those looking to buy:
"It's not spectacular construction growth, but it's slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed."
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
-
A great price on their home as buyers outbid each other for it
-
A quick sale as buyers have so little to choose from
-
Fewer hassles as buyers don’t want to “rock the boat” on the deal
With an increase in competition, the seller may not enjoy these same benefits. As Hale said:
"As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today's quick-moving housing market."
Bottom Line
If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.
To see original article please visit Keeping Current Matters.
The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
What Buying or Selling a Home Gives Back to Your Community
Want to know what a move would mean where you live? A local agent can show you the figure close to home.
The 1 Factor That Explains Everything Happening with Home Prices Right Now
The national average of 1.7% price growth is accurate, but it’s an average of two very different stories happening at the same time – the few areas experiencing mild declines and the overwhelming majority that are still seeing prices rise.
That House That’s Been Sitting Could Be Your Best Shot at a Deal
A local agent has the context to tell which homes are the real opportunities and which are skippable.
Could Moving a Bit Further Out Change Everything About Your Budget?
Every market has more affordable pockets that most buyers never think to explore. A great local real estate agent knows exactly where those places are.
What Rising Inflation Means for Your Move
Here’s what’s actually going on, why it matters for the housing market, and what it means if you’re thinking about buying or selling.
The Truth About Affordability Today
Part of what is keeping prices this stable is that buyer finally have more choices meaning less competition, and more negotiating power.
Less House, More Home: Why Smaller Homes Are Paying Off for Today’s Buyers
Going smaller might actually be a smart play in today’s market – and the upside can be bigger than you’d think.
The Real Reason Some People Are Still Moving Right Now
So, if you’ve been putting your plans on hold, maybe ask yourself this: “Can I still live where I’m at right now and make it work?”
Why Staging Your House Could Pay Off This Spring
Staging doesn’t always have to mean hiring a full crew or filling your house with rented furniture. There are a few different paths you can take.