Today’s real estate market is one of the fastest-moving in recent memory. With record-low inventory in many market segments, we’re seeing multiple offers—and sometimes even bidding wars—for
Thinking Of Buying Or Selling Your Home Competition Is Coming
Dated: March 14 2018
Views: 263
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:
A great price on their home as buyers outbid each other for it
A quick sale as buyers have so little to choose from
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.
Interested in Buying or Selling a Home/Investment Property?
Please contact me anytime for a Free Market Value Analysis.
http://christina.buyinginaustin.com/
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Christina Haverty
REALTOR®, GREEN, GRI, CNE
512 693 8604 office /512 632 3162 cell
http://christina.buyinginaustin.com/
Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!
Christina Haverty
Turning Savvy, Informed Austin Area Urbanites into Successful Homeowners, Investors, Sellers and Leaser’s!....
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Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
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