The competition to your Barnegat home is coming in the form of new construction.
Currently there are 30 “new construction” homes in Barnegat in the multiple listing service. From 2 bedroom, 2 bath homes in adult communities like Seacrest Pines to 4 bedroom, 4 bath single family homes in the Whispering Hills section of Barnegat. These homes are ranging in price from $300,000 to $450,000. And you can expect even more new construction coming in the Spring of 2018.
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 Economist, explained 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:
- A great price on their home as buyers outbid each other for it
- A quick sale as buyers have so little to choose from
- 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."
If you are considering the sale of your Barnegat home, it might make sense to beat this new construction competition to the market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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770 Lighthouse Dr. Barnegat, NJ Phone: 732-797-9001