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 7.4% over last year.
How will this impact buyers?
More inventory means more
options. Lawrence Yun, NAR’s
Chief Economist,
explained this is good news for the housing market – especially for those looking to buy:
“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.”
How will this impact sellers?
More inventory means more
competition. Today, because of the tremendous lack of inventory, a
seller can expect:
1. A great price on their home as buyers outbid each other
for it
2. A quick sale as buyers have so little to choose from
3. 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 ChiefEconomist 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.”
Bottom Line
If you are considering selling your house,
you’ll want to beat this new competition to market to ensure you get the most
attention for your listing and the best price. With that being said put our 40+ years of experience to work for you and call us today!!!
THE MILITELLO TEAM
(978) 815-3877 JOSEPH
(978) 500-1480 KATHLEEN
