If you’re thinking of selling your Barnegat home, be aware; competition is coming!! There are multiple new home construction projects going on in Barnegat at the moment, including at least 84 listings for homes that have just been built, homes under construction and homes to be built. New listings that have come on the market just in 2018 is up over 31% and the absorption rate is up almost 30% over last year.
The number of building permits issued in the U.S. 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 building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers?
More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy:
“The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.”
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
- A great price on their home as buyers outbid each other for it.
- A quick sale as buyers have such little inventory to choose from.
- Fewer hassles as buyers don’t want to “rock the boat” on the deal.
If you are considering selling your Barnegat house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Barnegat and the surrounding communities. Contact us today for more information on Barnegat Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County