Are you thinking this might be a good time to put your home on the market but you are not sure if you will find your new home right away?
Today’s market is undergoing another shift, which for the time is increasing the supply of homes for sale. That means you stand a greater chance of finding your new home.
Buying an Existing Home
According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year.
Danielle Hale, Chief Economist for realtor.com, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today:
“Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options. We’ve seen more homes come up for sale this year compared to last year . . .”
There are several benefits to buying an existing home. Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.
Purchasing a Newly Built or Under Construction Home
Create your perfect living space customizing it to your lifestyle.
Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built.
Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains:
“New single-family home inventory remained elevated at a 7.7 months’ supply. . . . However, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”
Which is one of many important factors to discuss with your trusted real estate advisor who will allow you to think through all the pros and cons of investing in both new and existing homes.
Steve Schappert The Connecticut Real Estate Broker
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
Truth
You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market, so you can make the most informed decisions possible.
The supply of marketable homes is rising but for how long?