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

In Southwest Florida this article should be title the competition is here!  Have you noticed the amount of new construction in the past couple of years?  Every day when I drive somewhere new I am amazed at where they are building next.  The boom of construction has hurt our single family home prices as most of the builders are concentrating on single family homes with all the bells and whistles of new construction.  In the condo and carriage home market there is less competition but there are still good deals to be had in our area.  If you are considering putting your home on the market remember that the new construction will only continue over the next few years so we have to make yours as competitive as we can.  Call me and let’s get together to discuss options.

Courtesy of Keeping Current Matters 2018

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

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 Bureauand 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 Economistexplained 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 EconomistNela 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.

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