New Construction Homes in this Year's Housing Market
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The amount 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 buyers be impacted by this?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors(NAR), explained how this is great 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 immense lack of inventory, a seller can potentially anticipate:
A great sale price on their house as buyers participate in potential bidding wars.
A quick sale as buyers have a lower amount of inventory to choose from.
Fewer hassles as buyers want to smoothly secure a contract.
In Conclusion
If you are thinking about selling your house, you will want to list sooner rather than later. This way, you will get ahead of this new competition coming to market and safeguard the most attention toward your listing and the best price for your house.
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