Are you considering selling your house but feeling hesitant because you're worried about the challenges of finding your next home in today's competitive market? You're not alone in this concern. However, there's some encouraging news that might alleviate your worries. The landscape of housing inventory is evolving, with new home construction taking on a more prominent role.
When you decide to put your house on the market this summer, it's crucial to consider the option of newly built homes. These homes are increasingly becoming a significant part of the available housing inventory. In fact, they now make up a near-record percentage of the total number of homes for sale.
If we look at the data, we can see that newly built homes currently account for approximately 31% of the overall inventory (refer to the graph below). This percentage is substantially higher than the average of around 13% observed from 1983 to 2019. It's evident that the proportion of newly built homes in the market is more than twice the usual norm.
This shift in the housing market holds significant implications for you as a potential seller. With the overall supply of homes still relatively low, it's vital to explore all available options. The emergence of new home construction has become a game changer, providing a substantial increase in inventory. Moreover, recent data indicates that this trend is gaining momentum, with more newly built homes underway and expected to hit the market in the coming months.
Robert Dietz, the Chief Economist at the National Association of Home Builders (NAHB), emphasizes the importance of newly built homes for prospective buyers in today's market. According to Dietz, "With limited available housing inventory, new construction will continue to be a significant part of prospective buyers' search in the quarters ahead."
It's crucial not to overlook this growing market segment and risk missing out on excellent opportunities to find your ideal home. By neglecting newly built homes, you could be eliminating nearly one in three options from your search. Therefore, it's highly recommended to consider these newly constructed properties when you embark on your house-hunting journey.
To navigate the selling and buying process effectively, it's wise to engage the services of a local real estate agent. They possess the expertise necessary to assist you in selling your current house while also exploring the newly built options available in your area. With their guidance, you can seamlessly transition from your current home to the brand-new dream home you've been envisioning.
In conclusion, there's no better time than now to sell your house and take advantage of the positive momentum in new home construction. By connecting with a real estate professional, you can have a knowledgeable guide by your side throughout the selling and buying process. Together, we can turn your transition to a newly built home into a reality.