Buyers Turning to New Homes as Existing Inventory Shrinks
Due to inventory constraints in many markets, rising prices were a challenge for prospective buyers of new and existing homes throughout 2017. as the largest portion of that generation will turn 30.
"Post-recession, homebuyers continue to turn to new homes as the inventory of existing homes on the market dwindles." Inventory nationally remained tight last month.
It’s important to remember that new construction can help ease the burden of low inventory, but it won’t happen overnight. New construction can’t solve our buyer demand entirely because: New construction homes do tend to be more expensive on average and they may not be the right solution for buyers with lower budgets.
As Anne and Kevin Boyce’s children grew, the Falls church couple recognized that their beloved home seemed to shrink and their hilly, nearly nonexistent yard didn’t offer space for outdoor play. Like.
One of the country’s largest home builders, known for selling homes in large, master-planned communities, is turning. entirely new communities rather than integrating itself into an existing.
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That in turn will trigger purchases of everything. it’s going to be a lot of building activity.” More buyers are returning to the new-home market as large pools of investors buying existing homes.
NAR says the story now is lower inventory. "Inventory continues to shrink and that is limiting buying opportunities," said NAR chief economist Lawrence Yun. "This, in turn, is pushing up home prices in many markets." NAR says the median price of an existing home that sold in June was up 7.9 percent from a year ago.
The report finds that although rising mortgage rates will shrink. Lack of inventory, therefore, is the main drag on home sales and mortgage volume right now. Despite this major obstacle to growth,
Inventory of available homes shrinks as seller’s market emerges across the region. It’s just on the lower end of an equal marketplace." The market is boosting prices, although Realtors say they aren’t seeing big spikes. The average sales price in July in the region was $255,125, an increase of 5.6% from a year earlier. Even in Charlotte, where supply is tighter, the average sales price increase rose 4.1% from July 2014.
When selling new construction homes, make sure your clients know how important it is that their interests be protected. Browse our blog for more tips and tools designed to help launch your real estate career.