New Homes Coming to the Housing Market This Year
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
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
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.
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.