Are you hesitant to sell your house because you're worried about finding your next home in the current real estate market? Rest assured, you're not alone in this concern. However, there's good news that may ease your worries. Newly built homes are increasingly becoming a significant part of the housing inventory, providing more options for your next move.
As you prepare to put your house on the market this summer, it's essential to consider the benefits of exploring newly built homes.
Near-Record Percentage of New Home Inventory
Newly constructed homes now make up a near-record percentage of the total number of homes available for sale. The graph below shows the growth in this segment:
Currently, newly built homes constitute about 31% of the total housing inventory. Comparatively, from 1983 to 2019, the average proportion of newly constructed homes was only around 13%. This significant increase means that the percentage of available homes that are newly built is now over two times higher than the historical norm.
Why This Matters to You
While the overall supply of homes for sale remains low, it's crucial to explore all available options when searching for your next home. The rise in new-home construction has led to a game-changing increase in inventory. Recent data suggests that this segment is gaining even more momentum, with more newly built homes underway and set to hit the market in the coming months.
Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), emphasizes the importance of considering newly built homes in today's housing market:
“With limited available housing inventory, new construction will continue to be a significant part of prospective buyers’ search in the quarters ahead.”
Overlooking this growing market segment could cause you to miss out on excellent opportunities to find your ideal home. Considering that newly built homes account for approximately 31% of the total inventory, dismissing this option would mean cutting nearly one in three possibilities from your search.
If you're planning to make a move, it's wise to partner with a local real estate agent who can help you sell your current house and explore newly built options in your area. They possess the expertise needed to handle both sides of the process, enabling a smooth transition from your current home to your dream newly built home.
Now is the time to sell your house and take advantage of the momentum in new home construction. Reach out to a trusted real estate agent who can guide you through the selling and buying process, making your transition to a newly built home a reality.