This year, builders are set to complete more than a million new residential homes, according to the U.S. Census Bureau. This also means that if you've had troubles with your home search in the past couple of years, this could be the perfect time for you to get in touch with your trusted RealtorĀ® and continue the search.
Two Main Perks
One of the things that homebuyers have struggled with in recent years, is the fact that there are not enough homes in the market. As of today, there are still fewer constructed homes than the demand, however, with the rise of new construction and them getting completed soon, homebuyers would have more options and lesser stress, knowing that the inventory is no longer limited to the existing supply.
Image source: Keeping Current Matters and Census
Do take note that, having more newly constructed homes does not mean that there will be an oversupply and that prices will plunge. What's happening is the market is starting to normalize.
Builders are more willing to work with buyers today and would want to sell their current supply of homes before pushing the new ones into the market. A recent survey shows that 83% of home builders have offered purchase incentives for those looking to buy homes in the current inventory.
If you're ready to shop for your perfect home and want to know what's available in your area, shoot us an email or connect with us through any of the links below. We'd be more than happy to help!
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