Builder Confidence Hits 11-Year High
Builder Confidence Hits 11- Year High. 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 the National Association of Home Builders (NAHB) and Wells Fargo, housing market confidence amongst builders reached an 11-year high last month.
What Does High Confidence Mean for the Housing Market?
In a recent interview, Rob Dietz, Chief Economist and SVP for NAHB, 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 latest US Census data, 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.”
Bottom Line
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.
How Natural Disasters and Low Inventory Impact Selling Your Home Today
That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
Net Worth of US Homeowners is 44 Times Greater than Renters
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Take advantage of the knowledge of your local REALTORS® professional network to determine how much you can afford.
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Empty Nesters: Is It Better to Remodel or Time to Sell?
Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make:
Number of Buyers Putting Down Less Than 10% Hits 7-Year High
According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months.
Did You Know… 52% of Approved Loans Have A Credit Score Under 750?
The results of countless studies have shown that potential home buyers. Even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
Study: For Sale By Owners Don’t Save Real Estate Commission
One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it.
Why Is It Important To Use A REALTOR To sell Your Home?
When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
California Homes Are Selling Quicker vs Nationwide Sales
Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you take advantage of current market conditions!
Homeowner’s Net Worth Is Still Greater Than a Renter’s
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups
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The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states.
Hey, Millennial Homeowners!! It May Be Time to Sell
Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S.