Are you thinking of selling your home in the next few months? Well, get ready because competition is coming for home sellers. Based on the number of building permits that have been issued for single family homes, the number of newly built homes is expected to increase in the next couple of months. Latest reports from the US Department of Housing and Urban Development as well as the US Census Bureau indicate that the number of building permits went up by 7.7 percent in the last year alone.
How the Competition Will Affect Sellers
Increased inventory records mean increased competition. But because of the immense lack of inventory, sellers can expect great market prices on their homes because buyers will be trying to out-bid each other. They can also expect quick property sales and less selling hassles. However, with the rise in competition, home sellers may not be able to enjoy the same perks as they did with less competition.
How the Competition Will Affect Buyers
Increased inventory means that more options will be available to the buyer. Danielle Hale, the Chief Economist for Realtor.com, explains that although the construction growth is still slow, but it’s steady and headed in the right direction. With the limited number of home sales experienced right now, a pick up in the single-family home construction means that home buyers will have more options.
So, if you are thinking of selling your home, it might make sense to beat the current construction competition in the market. Contact us to sell your home today!