March 12, 2018

Competition is Coming, Are You Thinking of Selling Your CT Home?

 

Competition is Coming, Are You Thinking of Selling Your Home? | 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 7.4% over last year.

How will this impact CT buyers?

More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:

“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

How will this impact CT sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their CT home as buyers outbid each other for it
  2. A quick sale as CT buyers have so little to choose from
  3. Fewer hassles as CT 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 Chief Economist Nela Richardson, added:

“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

Bottom Line

If you are considering selling your house in CT, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price. Contact a Real Estate professional from Dave Jones Realty who can assist wit hany of your Real Estate needs!

Posted in Market Activity
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