The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest Citrus County, Building Division, 2017 Single Family Home Building Permits Report, the number of these permits were up 58.2% over last year.
How will this impact buyers?
More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:
“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
A great price on their home as buyers outbid each other for it
A quick sale as buyers have so little to choose from
Fewer hassles as buyers don’t want to “rock the boat” on the deal With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:
“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet… the buyers and see the demand firsthand.”
If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing to the best price. The best way to do this is to contact a RE/MAX Realty One professional real estate associate, who knows our Local Market and can help to ensure a successful transaction.
If you are ready to Buy or Sell, Meet with the The Cunningham Team Team @ RE/MAX Realty One, your local real estate professionals who can help you find your dream home.
For more Citrus County, Florida home selling and buying insights, give The Cunningham Team at RE/MAX Realty One a call anytime to discuss your own real estate plans! If you’re considering a move to the CITRUS COUNTY including Crystal River, Inverness, Homosassa, Beverly Hills, Inglis, Hernando, Lecanto, Citrus Springs or Dunnellon, Give us a call.
The Cunningham Team at RE/MAX Realty One “Your Nature Coast Real Estate Experts”
Kevin, Karen and Brogan The Cunningham Team