Thinking of Selling your Home? Competition is Coming

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.

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Cherry Blossom Properties

We are ethical, educated, experienced full-service real estate agents, affiliated with award-winning customer service brokerage RE/MAX Gateway, serving communities in DC, MD and VA.  We represent buyers, sellers, investors (including "flippers"), landlords, and tenants.  We have experience in home renovations.  With a background in law and mediation, we are high-level negotiators and strategists in real estate transactions.  We know our markets and get the best results for our clients.  Integrity, knowledge, and exemplary customer service are the keys to our business success.

 

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"Wendy and Brian are one of the most professional and hard working realtors I have ever dealt with. They were always communicating with me in a ... more "
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by tbonfiglio
2260359
"A must hire!!! Wendy and Brian were an absolutely outstanding real estate team. Their knowledge of the market and professionalism made them the ... more "
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by ericaswift4
2245254
"Last week, my husband and I successfully sold our lovely little bay-windowed condo overlooking Rock Creek Park in Georgetown, Washington DC. We can’t ... more "
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