Thinking of Selling your Home? Competition is Coming

David Treat
David Treat
Published on October 15, 2017
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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 U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.

How will this impact buyers?

More inventory means more options. Danielle Hale, Realtor.com’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. 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 Hale said:

“As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”

Bottom Line

If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

With over 10,000 new homes planned for the Russel Ranch community south of highway 50 and almost 100 planned for the Bass Lake area in El Dorado Hills there will be plenty of competition coming! Now is  the time to consider selling your home if you think you may want to do so in the next 12 months. Don’t risk losing equity due to the coming competition.

Find out what your home is worth now. Get a FREE, no obligation market analysis on the value of your home TODAY!



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Thinking of Selling your Home? Competition is Coming
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