What Will Happen If You Sell? Newly Built Homes Could Be the Solution
Do you want to sell your home but are hesitant because you are concerned about finding your next home in today's market? You're not alone, but there's some good news that can put your mind at ease. New home construction is expanding and is becoming a larger portion of the housing inventory.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale (see graph below):
In fact, as the data shows, newly built homes now make up 31% of the total for-sale inventory. Over the past couple of decades, newly built homes made up an average of only around 13% of total housing inventory from 1983 to 2019.
That means the percentage of the total available homes that are newly built is over two times higher than the norm.
Why This Matters to You
Overall, the quantity of available properties for sale remains limited. And, when supplies are limited, it's critical to consider all of your options. With increased inventory, new-home building has emerged as a game changer. Not to mention, current data indicates that it is getting even more traction as more newly constructed homes are under construction and will be available in the coming months.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy 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 ignore this expanding market segment, or you'll miss out on wonderful prospects to find your dream home. Because new home building accounts for around 31% of total for sale inventory, excluding recently built homes from your search could eliminate nearly one-third of your selections.
If you're seeking to relocate, a local real estate agent can assist you with selling your current home and exploring newly constructed possibilities in your neighborhood. They have the knowledge you require to manage both sides of the transaction so you may move out of your present home and into your new dream home.
Now is the time to sell your home and take advantage of the growing momentum in new home construction. Let's get in touch so you have someone to guide you through the selling and buying process. We can make your transfer to a newly built home a reality if we work together.