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    Competition is Coming, Are You Thinking of Selling Your Home?

    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 7.4% over last year.

    How will this impact buyers?

    More inventory means more options. Lawrence Yun, NAR’s Chief Economistexplained 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:

    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 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.”

    Bottom Line

    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 and the best price.

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    Danny Cheung

    I spent over twenty five (25) years with the Department of Defense in the hardware/software design and development as well as program management prior to joining the Group in a full time capacity. I am thrilled to put my years of experience as an Electronics Engineer to assist and lead our Real Estate Group to the next level. I am committed to establishing the tools and resources necessary for our team members to work more seamlessly and effectively thus ensuring our clients full satisfaction. My wife and I have two daughters and a dog (he's more like our son). I enjoy travelling and watching sports especially football…Go Skins!

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