Blog > New Homes are Bridging the Inventory Gap
Are you contemplating selling your house but apprehensive about locating your next home, given the current housing inventory? This is a common concern, but there is encouraging information that may alleviate your apprehension. The surge in new home construction is contributing considerably to the housing stock, making it a vital factor to consider.
Consider Newly Built Homes as Viable Options
As you plan to list your property this summer, examining newly built homes becomes essential in broadening your potential choices for your subsequent relocation.
Almost-Historic Proportions of New Home Inventory
The present-day share of new homes is at an almost historic high in the total number of properties available for sale (refer to the graph below):
The statistics indicate that newly constructed homes currently constitute 31% of the overall for-sale inventory. In contrast, in the past few decades, from 1983 to 2019, new constructions contributed on average to about 13% of the total housing stock.
This implies that the proportion of available homes that are newly constructed is more than twice the standard rate.
How This Affects You The overall supply of homes for sale remains on the lower side. Hence, it is vital to assess all potential options when supply is limited. The increase in new-home construction has been a pivotal force in augmenting inventory. Recent figures also demonstrate a further uptick in this trend with more new builds expected to hit the market in the forthcoming months.
Robert Dietz, the Chief Economist at the National Association of Home Builders (NAHB), accentuates the role of new homes for potential buyers in the current housing market, stating:
“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”
Ensure you don’t underestimate this expanding market segment and risk losing out on the perfect home. Given that new constructions make up approximately 31% of the total sale inventory, neglecting to consider these options could exclude nearly one-third of potential choices from your search.
If you’re planning to relocate, a local real estate agent can assist in selling your present home and exploring new builds in your vicinity. They possess the necessary expertise to manage both aspects of the process, aiding in your transition from your current home to your dream residence.
In Conclusion
The time is perfect to sell your property and capitalize on the emerging trends in new home construction. Let’s get in touch to guide you through the selling and buying process. Connect with us today and our REALTORS can make your move to a newly built home a successful venture.