March Madness - More Ways Than One

By
Real Estate Agent with Keller Williams Realty South Shore SL3178936

At This Time of Year Our Thoughts Turn To ...

The Competition that New Construction Brings to Other Sellers in The Market

Data Provided by our always informative friends @ www.keepingcurrentmatters.com

March Madness Has BegunThe 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 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.”


Keeping Current Matters, Inc. © 2018

 

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Real Estate Industry
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Florida Hillsborough County Tampa
Tags:
real estate for sale
real estate market
new construction
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Rainmaker
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Paul Antonelli
Antonelli Realty - Saint Cloud, FL
Broker Owner; Antonelli Realty

Great information. There are many single family home sprouting up in our area as well. 

Mar 09, 2018 06:59 AM #1
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Rainmaker
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Michele Herndon

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