Lisa Mailhot | June 30, 2023
Are you hesitant to sell your house because you're concerned about finding your next home in today's market? You're not alone, but there's some good news that might alleviate your worries. The construction of new homes is on the rise and is becoming an increasingly significant part of the available housing inventory.
This means that when you decide to put your house on the market this summer, considering newly built homes is crucial for expanding your options for your next move.
Currently, newly constructed homes make up a large percentage of the total number of homes available for sale (refer to the graph below):
In fact, as the data indicates, newly built homes now represent 31% of the total inventory for sale. Over the past few decades, newly constructed homes accounted for an average of only about 13% of the total housing inventory from 1983 to 2019.
This means that the proportion of newly built homes in the available inventory is more than double the usual amount.
Overall, the supply of homes for sale is still limited. And in situations of limited supply, it's crucial to consider all the available choices. New home construction has become a game changer by increasing the inventory. Furthermore, recent data suggests that it's gaining even more momentum, with more newly built homes underway and set to enter the market in the coming months.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), emphasizes the significance of newly constructed homes for potential buyers in today's housing market. Dietz states:
"With limited available housing inventory, new construction will continue to be a significant part of prospective buyers' search in the quarters ahead."
Don't overlook this growing segment of the market and risk missing out on excellent opportunities to find your dream home. Since new home construction accounts for approximately 31% of the total inventory for sale, not considering newly built homes would mean eliminating nearly one-third of your search options.
If you're considering a move, a local real estate agent can assist you in selling your current house and exploring newly built options in your area. They possess the expertise needed to handle both aspects of the process, allowing you to transition from your current home to your brand-new dream home.
Now is the perfect time to sell your house and take advantage of the increasing momentum in new home construction. Let's connect so that you have a guide throughout the selling and buying process. Together, we can turn your transition to a newly constructed home into a reality.
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