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    New Homes Coming to the Housing Market This Year

    The number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.

    How will this impact buyers?

    New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained how this is good news for the housing market – especially for those looking to buy:

    “More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”

    How will this impact sellers?

    More inventory means more competition. Yun continues to say:

    “As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”

    Today, because of the tremendous lack of inventory, a seller can potentially anticipate:

    1. great sale price on their house as buyers engage in potential bidding wars.
    2. quick sale as buyers have little inventory to choose from.
    3. Fewer hassles as buyers want to smoothly secure a contract.

    Bottom Line

    If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.

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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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