For the last 5+ years in the Colorado real estate market, we've experienced a pretty hot sellers market. But that is quickly changing. If you've thought about selling, now is the time before more and more inventory comes on the market. As we've seen in years past, the market is constantly changing. We have been due for a market correction and I think it's finally starting to happen. - Sally
Are You Thinking of Selling Your Home? Competition Is Coming!
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 building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers?
More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy:
“The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.”
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 such little inventory to choose from.
- Fewer hassles as buyers don’t want to “rock the boat” on the deal.
Bottom Line
If you are considering selling your house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.
The Colorado Real Estate Market is always changing. If you're thinking about selling, please do not hesitate to contact me for the most up to date market analysis. -Sally