Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next home in today’s market? You’re not alone, but there’s some good news that may ease your worries. New home construction is up and is becoming an increasingly significant part of the housing inventory. In fact, I’ve helped more home buyers buy new construction in the past 10 months then ever before.
That means when you put your house on the market this summer, considering newly built homes is wise for expanding the options you’ll have for your next move.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):
In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.
That means the percentage of the total available homes that are newly built is over two times higher than the norm.
Why This Matters to You
Overall, the supply of homes for sale is still low. As a possibility thinker, I am always exploring options to best help you is this biggest choice of your life event. New-home construction has emerged as a game changer with increasing inventory. Not to mention, recent data shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz says:
“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”
So by adding in this growing market segment we have helped add some amazing options and great opportunities to find your ideal home. Since new home construction accounts for roughly 31% of total for sale inventory, without adding that option we would be cutting nearly one in three options from your search by not considering newly built homes.
In A Nutshell . . .
Let’s connect so you have accurate information regarding all of your options including potential new built homes which I have been able to negotiate rate buy downs with in many situations. Always looking to bring you options to choose the best solution for your situation as we guide you throughout the selling and buying process. Together, we can make your transition to your next destination a smooth reality.