While todayâ€™s supply of homes for sale is still low, the number of newly built homes is increasing. If youâ€™re ready to sell but have held off because you werenâ€™t sure youâ€™d be able to find a home to move into, newly built homes and those under construction can provide the options youâ€™ve been waiting for.
The latest Census data shows the inventory of new homes is increasing this year (see graph below):With more new homes coming to the market, this means youâ€™ll have more options to choose from if youâ€™re ready to buy. Of course, if you do consider a newly built home, youâ€™ll want to keep timing in mind. The supply shown in the graph above includes homes at various stages of the construction process â€“ some are near completion while others may be months away.
According to Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy for the National Association of Home Builders (NAHB):
â€œ28% of new home inventory consists of homes that have not started construction, compared to 21% a year ago.â€
Buying a home near completion is great if youâ€™re ready to move. Alternatively, a home that has yet to break ground might benefit you if youâ€™re ready to sell and you arenâ€™t on a strict timeline. Youâ€™ll have an even greater opportunity to design your future home to suit your needs. No matter what, your trusted real estate advisor can help you find a home that works for you.
If you want to take advantage of todayâ€™s sellersâ€™ market, but youâ€™re not sure if youâ€™ll be able to find a home to move into, consider a newly built home. Letâ€™s connect today so you have a trusted real estate advisor to guide you through the sale of your house and discuss your homebuying options.