New Inventory in Lancaster,PA 's Home Market ?

By
Real Estate Agent with KW Elite

 

Competition is Coming, Are You Thinking of Selling Your Lancaster Home?

Competition is Coming, Are You Thinking of Selling Your Home? | MyKCM

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 Chief Economist 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.

 Update your current market Value with a FREE  RPR Report . Email  mikeperrykw@gmail.com  to get started .
 
 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

   facebook  Google me  Find us on Google+

Longtime West Lampeter resident and Lancaster County Realtor!

SUBSCRIBE TO MY BLOG VIA EMAIL

Enter your email address:

Delivered by FeedBurner

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Pennsylvania Lancaster County Lancaster Willow Street
Groups:
Keller Williams Active Rain Bloggers
Keller Williams Realty Active Rain Bloggers
Keller Williams
Keller Williams Realty Referral Group
Advice for Sellers
Tags:
new construction
cma
marketing your home
preparing to sell
pricing your home to sell
west lampeter real estate news
penn manor real estate news
solanco real estate news
rpr reports

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
800,247
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

More listings in any market is good for buyers and less good for sellers unless your home absolutely shines.

Mar 07, 2018 08:43 AM #1
Ambassador
3,983,611
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

These are low inventory times and therefore a great time for sellers to sell at top prices.

Mar 07, 2018 08:02 PM #2
Rainmaker
1,972,801
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Michael - If seller are looking to sell now is the time before new construction competes.

Mar 08, 2018 09:44 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,843,294

Michael J. Perry

Lancaster, PA Relo Specialist
Ask me a question
*
*
*
*
Spam prevention