You’re not alone if you want to sell your home but put it off because you fear the current housing market won’t allow you to find another place to live. However, there is some good news that might allay your concerns. As a percentage of the available housing stock, new home construction is rising and becoming more significant.
This means that taking into account newly built homes is essential for enhancing the options you’ll have for your next move when you go to list your house this summer.
Near-Record Amount of New Home Inventory
As shown in the graph below, a near-record proportion of all homes currently on the market are newly constructed homes.
In fact, the data reveals that newly constructed homes currently account for 31% of the total for-sale inventory. From 1983 to 2019, only about 13% of all housing stock was comprised of newly constructed homes on average.
This indicates that the proportion of newly constructed homes in the total inventory is more than twice as high as the average.
Why This Matters to You
In general, there are still few houses available for purchase. Additionally, it’s critical to consider all of your options when there is a limited supply. As inventory rises, new home construction has become a game-changer. Not to mention, according to recent data, it’s gaining even more traction as more newly constructed homes get under way and enter the market in the months to come.
The National Association of Home Builders‘ (NAHB) Chief Economist, Robert Dietz, emphasizes the significance of newly constructed homes for buyers in the current housing market. Dietz claims:
“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 could lose out on wonderful opportunities to find your dream home. If you exclude newly built homes from your search, you might be eliminating nearly one-third of the available options, as new home construction makes up about 31% of the total inventory of properties for sale.
A local real estate agent can assist you in selling your current home and looking into recently constructed homes in your area if you’re looking to move. They have the know-how you require to manage both sides of the procedure, allowing you to leave your current home and move into your new dream home.
In today’s competitive housing market, selling your home can feel overwhelming. However, with new home construction on the rise, you can expand your options and find your perfect next home. There are many advantages to buying a newly built home, and experienced real estate agents and builders can help guide you through the process. Don’t let fear hold you back. Start exploring your options today and take the first step towards finding your dream home.
