Thinking of Selling your Home? Competition is Coming

    Blog   Use the buttons below to share with your Personalized Posts profile...                 Thinking of Selling your Home? Competition is Coming Thinking of Selling your Home? Competition is Coming | MyKCM 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 7.7% over last year.  How will this impact buyers? More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market - especially for those looking to buy:  "It's not spectacular construction growth, but it's slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed."  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 Hale said:  "As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today's quick-moving housing market."  Bottom Line If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

    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 7.7% over last year.

    How will this impact buyers?

    More inventory means more options. Danielle Hale, Realtor.com’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

    “It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”

    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 Hale said:

    “As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”

    Bottom Line

    If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

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    Jordan Forney

    Jordan is a recent graduate of Lenoir-Rhyne University where he received his BA in Multimedia Communications while also playing football all four years that he was enrolled. Jordan has experience in writing and photography from his time working for the school newspaper, Lenoir-Rhyne News (LRN). He also has marketing experience with WLRZ 99.3 where Jordan produced and aired PSAs and was in charge of marketing with the social media accounts. He was a part of the marketing team for the Lenoir Oiler's baseball team as well where he had a lot of the same responsibilities. Now Jordan works at Rinehart Realty where he is increasing his experience by posting blogs, maintaining social media accounts, and working directly under the Director of Marketing.

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