Pent-up buyers-demand, new homes popping up around every corner, and homeowners’ newfound equity is driving the new home construction market. And the foot is hitting the gas.
What Builders Are Saying
Builders are reporting an increase in demand for single-family homes in suburban neighborhoods with lower-density populations. Areas where they can breathe and have more room for their growing family’s needs. Places where they can fit more than three people in their living room and don’t have to worry about Tim and Shadi throwing a rager every Thursday night and rattling their walls anymore.
What Reports Are Saying
Reports show that building permits for new residential construction increased by almost 20% compared to recent months. Not to mention housing starts were also up by almost 5% over the same period of time.
What It All Means
Although housing permits and starts are both considerably lower than they were at this time last year, indicating the new construction market is still working on building its way back up, the trends are moving in the right direction when it comes to having an impact on the economy. They’re also poised to create the much-needed new homes for buyers to purchase in a time when inventory is so scarce.
The gap between homes to buy and the high demand from purchasers may be narrowed by new construction, and the data shows that these homes are on their way into the housing market.
So, if you’ve debated whether or not to sell your house this year because you’re not sure where to move, a newly-built home – designed for your specific liking – may be your answer.
What You Need to Know
With new residential construction right around the corner, you can feel confident about selling your house and having a place to move into. Maybe it’s time to finally design the home you’ve always wanted. Reach out to a local real estate professional today to discuss selling your house while demand from eager buyers is high.