• Home
    • For Buyers
    • Competition is Coming, Are You Thinking of Selling Your Home?

    Competition is Coming, Are You Thinking of Selling Your Home?


    The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.

    How will this impact buyers?

    More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:

    “This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

    How will this impact sellers?

    More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

    1. A great price on their home as buyers outbid each other for it
    2. A quick sale as buyers have so little to choose from
    3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

    With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:

    “Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

    Bottom Line

    If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.

    Comments are closed.

    About our blog

    Ranked #1 Realtor in Tampa by U.S. News and World Report.

    Doug, Annette & Dale Bohannon

    Team Bohannon Real Estate Experts

    Keller Williams Tampa Properties
    Tampa, Florida

    (813) 979-4963

    If you're looking for a trusted partner who exceeds expectations, reduces stress, fulfills promises, and is on top of all the details, consider Tampa's Top Real Estate Team: Doug, Annette and Dale Bohannon when buying or selling your home, call us today at 813-979-4963

    Contact Us Now

    Any questions, comments, or feedback