[vc_row][vc_column][vc_column_text]With today’s low mortgage rates, buyers can get more home for their money. Although, in the current market the biggest hurdle is a lack of inventory. Like you, many buyers want to capitalize on these market conditions, but this is leading to more buyer competition and bidding wars. With that being said, if you’re having a hard time finding a home to buy, it may be time to talk to a trusted realtor about a newly built home.
Fortunately, we are seeing early displays of new-home construction ramping up. While this won’t be a magic fix of the current inventory challenges, this does mean there will soon be more options for buyers who are searching for their perfect home. You never know – a newly built home may be exactly what you’re looking for as it’s uniquely yours from start to finish!
Here’s what industry experts have to say about what’s coming to market:
Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR) has seen upward momentum when it comes to new home construction. According to recent research, housing starts reached their highest level since 2006 in March of this year – an encouraging sign for the industry.
“We are currently building 24% more homes than we typically have built in April in the last couple of decades. Thus, housing construction is trending upward with housing starts likely to reach 1.6 million for all of 2021 and rise further to 1.7 million in 2022.,” Nadia explained.
Additionally, according to the latest Monthly New Residential Construction report from the U.S. Census Bureau, housing starts increased even more in May, which continues the ongoing upward trend and many new homes are selling before construction even begins.
These signs are all good news for housing inventory. And as the dwindling lumber supply begins to improve, builders will be able to increase their production even more in the months ahead.
While inventory challenges will not be solved overnight with new construction, this increase means your house may have more competition in the market. Let’s connect to discuss the newly built homes available in our area.[/vc_column_text][/vc_column][/vc_row]