Over the last
several years, most homeowners selling their home did not have to compete with
a new construction project around the block. As the market is recovering, more
and more builders are jumping back in. As an example, the National
Association of Realtors revealed, relative to last year, year-to-date new
home sales are up 19%.
These ‘shiny’
new homes will again become competition as they can be an attractive
alternative to many of today’s home purchasers.
Here are the
numbers regarding new construction about to come to market from the Census
Bureau:
BUILDING
PERMITS
- Single-family authorizations in February were at a rate of 600,000.
- This is 25.5% above February 2012.
HOUSING
UNDER CONSTRUCTION
- Single-family housing starts in February were at a rate of 618,000.
- This is 18.5% above February 2012.
HOUSING
COMPLETIONS
- Single-family housing completions in February were at a rate of 574,000.
- This is 32.9% above February 2012.
As we
mentioned, new construction can be strong competition to a seller of an
existing home. It may make sense to list your home before this new inventory
makes its way to market.
MacIntyre
& Cowen, RE/MAX Real Estate Professionals Grand River, would gladly provide
a complimentary Over-the-Net Home Evaluation or email alerts to Hot Buys /
Foreclosed / Liquidation & Luxury Distressed Properties in the Mid Michigan
areas including Greater Lansing, Haslett, Okemos, East Lansing, Grand Ledge,
Holt, Williamston, Mason, Eaton Rapids, Dimondale, Dewitt areas and more. Feel free to contact us at 517.999.2675 or
visit us at www.pmachomes.com today!
Article
courtesy of KCM Blog
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