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.
What To Know About Credit Scores Before Buying a Home
Working with a trusted lender is the best way to get more information on how your credit score could factor into your home loan.
Why You Want an Agent’s Advice for Your Move
A real estate advisor can anticipate what could happen next and work with you to put together a solid plan.
Why Today’s Housing Supply Is a Sweet Spot for Sellers
The number of homes for sale and new listing activity continues to improve compared to last year.
The Truth About Down Payments
Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.
Expert Home Price Forecasts for 2024 Revised Up
Now that rates have come down from their peak, and with further declines expected this year, buyer demand has picked up.
Strategic Tips for Buying Your First Home
If you’re ready, willing, and able to buy your first home, here are some tips to help you turn your dream into a reality.
It’s Time To Prepare Your House for a Spring Listing
With the market gearing up for its busiest time of year, it’s important to make sure your house shines bright among the competition.
Bridging the Gaps on the Road to Homeownership
Homeownership is an important part of building household wealth that can be passed down to future generations.
Houses Are Still Selling Fast
Homes are selling faster than the norm for this time of year – and your house may sell quickly too. Are you thinking about selling your house? Give us a call!
Why Having Your Own Agent Matters When Buying a New Construction Home
Having a trusted agent on your side can make a big difference when it comes to buying a newly constructed home!