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

By
Real Estate Agent with Ebby Halliday Realtors 0695644

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 Economistexplained 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 EconomistNela 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.

 
Posted by

Anthea Adair, REALTOR  | 214-842-1634

antheaadair@ebby.com   |  www.northtexashome.com-search all area properties

Ebby Halliday Realtors

955 TX-121 Suite 130

Allen, TX 75013

 

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Comments (1)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Very few new construction homes were on the market in my area.  Most permits were pulled for contract builds and many of those people were tearing down one house and rebuilding on those lots.  I really wish we'd see more inventory.

Mar 06, 2018 09:11 PM
Anthea Adair

Wow- that sounds like where I once lived.  There was no real developing/new construction going on because there simply wasn't much in the way of vacant land left (in Hawaii).  Here in my area, there were over 45,000 permits pulled in 2017!  We do have a lot of the tear down/re-bulid properties happening in Dallas also, though.  

Mar 06, 2018 09:37 PM