In many areas of the country, there are not enough homes for sale to satisfy the number of buyers looking to purchase their dream homes. Experts have long proposed that a ramp-up in new, single-family home construction would be one of the many ways to overcome this inventory shortage.
According to a recent survey conducted by theNational Association of Home Builders (NAHB)andWells Fargo,housing market confidence amongst builders reached an 11-year high last month.
What Does High Confidence Mean for the Housing Market?
In a recentinterview, Rob Dietz,Chief Economist and SVPforNAHB,put it this way:
“Higher market confidence will translate into more building and more inventory in 2017. We expect single-family construction to grow 10 percent next year.”
With 2016 marking the best year in real estate sales in over a decade, a 10 percent ramp-up in single-family construction will only aid in making 2017 an even greater year.
According to the latestUS Censusdata, sales of newly constructed homes were up 3.7% over January 2016 as they reached a seasonally adjusted annual rate of 555,000. Dietz went on to comment:
“We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations. As the supply of existing homes remains tight, more consumers will turn to new construction.”
With the weather and the real estate market heating up this spring, there will be a surge of new construction coming to the market soon.
Author:Bonnie Lelak Phone: 404-788-2580 Dated: March 15th 2017 Views: 57 About Bonnie: Experience with regular home sales, short sales, foreclosures, HUD homes, no down payment program ho...
As a Realtor I have been able to use many of the skills that I have learned from my previous experiences. I spent the past 10 years owning a home inspection company with my husband and watched as buyers would find a home and then have it inspected and be disappointed with the findings. I love being able to help buyers from the start of the process. As a buyers specialist I can help clients look at homes with a different eye, always looking for tings that the home inspector will find issues with and helping my clients see possible issues before going under contract, saving them time, money and heart ache. Servicing all levels of buyers, from the first time home buyers to the luxury buyers. The finishing touch is being able to provide them with tools that can help them pay off their home in less than half the time. Helping buyers find their dream home is very rewarding.
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