Look at the marketing and sale of your Waretown home as a race. If you’re thinking of selling your home; NOW might be the time to put your house on the market and avoid the competition that will be coming in Spring and Summer. In other words, this is a race for buyers and you should be the first “out of the blocks” to position yourself for a win!
Currently there are 66 single-family homes for sale in Waretown. In May of 2017 there were 92 homes for sale and in 2016 there were 115 homes for sale. With that in mind we can expect many more homes to come on the market in the coming months.
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 Economist, explained 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:
- 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 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.”
If you are considering selling your Waretown house, you’ll want to beat the competition “out of the blocks” into market to ensure you get the most attention for your listing and the best price.
Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Forked River and the surrounding communities. Contact us today for more information on Forked River Real Estate and for professional assistance navigating this complex home 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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