Competition Is Coming

Dated: 10/02/2017

Views: 25

Image title


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:

  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.


Blog author image

Julie Pruitt

I have that typical “I went on vacation and fell in love with the area and so we moved here” story. Hi, my name is Julie Pruitt and I am a proud Texas native. Prior to moving to Santa Rosa Beach, ....

Latest Blog Posts

409 Lakeview Dr Santa Rosa Beach Fl 32459

COASTAL DUNE LAKE FRONT. GULF VIEW. LARGE LOT. 0.852 acre of Florida paradise available for purchase on the east side of a rare coastal dune lake, with views of white sands and gulf waters just

Read More

JAGUARUNDI

Driving along 30A after dark is always challenging. Because of lighting restrictions the area is usually pitch-black, leaving one grateful that the deer grazing just inches off the roadway actually

Read More

Moving To The Beach Is Todays Reality For So Many

WALTON COUNTY, Fla. (WJHG/WECP) - One local area is booming. So much so, the U.S. Census Bureau has put it on the list for the Fastest Growing Counties in the Nation.Walton County seems to

Read More

House Prices Are Simply A Matter Of Supply Demand

Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of

Read More