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 building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers? More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy: “The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.” How will this impact sellers? More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
Bottom Line If you are considering selling your house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house. SOURCE KCM #ForBuyers #ForSellers #SimardRealtyGroup #joineXpRealty
0 Comments
Some Highlights:
SOURCE KCM #Infographics #HousingMarketUpdates #SimardRealtyGroup #eXpRealty Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as a part of attaining their American Dream.
Comparatively speaking, millennials have taken longer to obtain traditional milestones (like getting married, having kids and buying a home) than generations before them, but that does not mean that they do not aspire to still achieve those things. For older millennials (aged 25-34) who have established themselves in their career and are starting to build their families, homeownership is the next logical choice. According to the Urban Institute’s State of Millennial Housing, the probability of a millennial becoming a homeowner increases by 17.9% if they are married, and an additional 6.2% if they have children. Last year, according to the US Census Bureau, the average age at first marriage was 30 for men and 27 for women, while the National Association of Realtors (NAR) reports that the average first-time homebuyer was 32 years old. With most of this generation having yet to age into the ‘Responsibility Zone’ (the time in their lives when their responsibilities start to dictate their behaviors), there will be a steady wave of buyers for years to come! Those who are currently out in the market searching for a home are being met with a strong, highly competitive seller’s market. NAR’s Chief Economist Lawrence Yun recently commented, “Realtors® throughout the country continue to stress that there’s considerable pent-up demand for buying a home among the millennial households in their market. Unfortunately, they’re just not making meaningful ground, and continue to be held back by too few choices in their price range, and thereby missing out on homeownership and wealth gains.” Bottom Line If you are currently renting and thinking about jumping into the real estate market this year, contact a local real estate professional who can help you navigate your market. SOURCE KCM #ForBuyers #RentVSBuy #SimardRealtyGroup #eXpRealty Some Highlights:
SOURCE KCM #buyingmyths #infographics #SimardRealtyGroup #eXpRealty |
Archives
October 2022
Categories
All
|