The number of building permits issued for a single-family home were up 7.4% over last year!
How will this impact buyers?
More inventory = more options.
“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.” – Lawrence Yun, NAR’s Chief Economist
How will this impact sellers?
More inventory = more competition. Today, because of the tremendous lack of inventory, a seller can expect:
1. A great price on their home – buyers raise their price to secure the home
2. quick sale – buyers want to close the deal to ensure they will get it
3. Fewer hassles – buyers do not want to ruin their chances of getting the home
With an increase in competition, the seller may not enjoy these same benefits.
Nela Richardson, added: “Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”
If you are considering selling your house, NOW is the time. You’ll want to beat this new competition to market to ensure YOU get the most attention for your listing and the best price. Contact us today if you’re ready to sell your home.