Are you contemplating selling your house but find yourself apprehensive about the current real estate market’s challenges in securing your next residence? You’re not alone in this concern, but there’s encouraging news that might alleviate your worries. The realm of new home construction is flourishing, significantly bolstering the housing inventory. This means that when you decide to list your house for sale this summer, it’s imperative to consider the array of newly built homes, broadening your spectrum of potential options for your next move.
Unprecedented Surge in Newly Built Homes In the present landscape, newly constructed homes constitute an extraordinary proportion of the total homes available for sale, nearly reaching record levels (refer to the graph below):
In fact, the data unmistakably reveals that newly built homes currently account for a remarkable 31% of the overall inventory available for sale. When we reflect on the past couple of decades, we discern that new construction homes only constituted an average of approximately 13% of the total housing inventory between 1983 and 2019. This implies that the percentage of newly built homes in the available housing pool has more than doubled the historical norm.
Significance for You
In essence, the supply of homes available for sale remains limited. When dealing with such scarcity, it becomes paramount to explore every avenue at your disposal. New-home construction has emerged as a pivotal game-changer, substantially amplifying the available inventory. Furthermore, recent data indicates that this trend is gaining even more momentum, with a surge in newly constructed homes slated to hit the market in the forthcoming months. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), underscores the pivotal role of newly constructed homes for prospective buyers in today’s housing market. Dietz emphasizes:
“Given the limited availability of housing inventory, new construction will continue to be a significant aspect of the homebuying journey in the upcoming quarters.”
It’s crucial not to underestimate this burgeoning market segment and risk missing out on excellent opportunities to discover your ideal abode. With new home construction constituting approximately 31% of the total inventory available for sale, disregarding newly built homes could mean eliminating nearly one out of every three potential choices from your search.
If you’re contemplating a relocation, our team can be your trusted ally in selling your current property and exploring the wealth of newly built options. We possess the expertise required to adeptly navigate both aspects of the process, facilitating your transition from your current residence to your envisioned, brand-new dream home.
In Conclusion
The present moment presents a prime opportunity to sell your house and harness the momentum generated by the surging new home construction sector. Let’s connect so that you can have a seasoned guide by your side throughout the selling and purchasing journey. Together, we can transform your aspiration of transitioning to a newly constructed home into a tangible reality.