New Construction Will Soon Be Competition for Sellers

Newly Constructed HomeCompetition for home sellers in the past few years has come from distressed properties (meaning foreclosures and short sales). Luckily, the supply of these properties has been dissipating rapidly in most housing markets today, providing an opportune time for tentative sellers to put their home out on the market at long last.

A delay in selling, however, could put sellers in contention with some new competition later this year - newly constructed homes.

As the economy continues to improve, the KCM blog believes we are expected to see an increase an increase in builders bringing newly built properties to the market.

Why will newly built properties inhibit home sellers?

Aside from newly built properties adding to the property pool, it turns out these properties specifically can have a detrimental effect on your ability to sell your home. According to Truila, a purchaser who is given a choice between an older home and a newly constructed home, will typically prefer new construction:

The bottom line?

The market for sellers, at this present moment, is in a great spot. We are in transition between types of competition, leaving room for sellers to be competitive in the market. Later in the year, however, sellers will likely face a substantial amount of new competition that will inhibit the sale. If you're thinking of selling, now is your time.

Questions? Need some guidance? Don't hesitate to send us an email or give us a call - we'd love to help!

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