Home Training Wondering where you’ll move if you sell your house today?

Wondering where you’ll move if you sell your house today?

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If you put your home search on hold because you don’t know where you’ll go after you sell your home, it could be good time to return to the market. That’s because today’s market going through a shift, and as a result the supply of houses for sale increases. This means that you may have a better chance of finding a home that will suit your current needs. Here are some options to consider.

Buying an existing home can give you that residential charm

In accordance with National Association of Realtors (NAR), supply existing houses (home previously owned) has been steadily growing since the beginning of the year. The chart below shows that inventory levels are rising and this is largely due to more houses market entry and sales slowdown:

Wondering where you'll move if you sell your house today?  |  MyKCM

As the graph shows, if you are looking for a home with the charm of living, the supply is increasing and this is great news for you.

Daniel Hale, the company’s chief economist realtor.comgives perspicacity on why more homeowners are listing their homes and increasing the supply of existing homes today:

“Home sellers in many markets across the country continue to benefit from rising home prices and brisk home sales. This has prompted an increasing number of homeowners to sell their homes this year compared to last, giving buyers much-needed options. We are seeing more homes listed for sale this year than last year . . .”

Buying an existing home has several advantages. Many buyers want to purchase a home with history, and the character of older homes is hard to replicate. Existing homes can often be part of a landscaped neighborhood with mature landscaping that will give you added privacy and enhance your curb appeal.

In addition, timing can also be considered. You can move into an existing home according to the timeline agreed with the sellers, instead of building a new home and waiting for construction to be completed. This is something to keep in mind, especially if you need to move sooner rather than later.

Just remember that while more sellers are listing their homes, the overall supply remains low. This means you’ll have more options to choose from when you’re looking for your next home, but you’ll still need to be prepared for a rapidly rising market.

Buying a newly built or under construction home means that everything is brand new

Population census data shows that the number of new homes available for sale is increasing. This includes homes under construction, soon to be completed and fully built. As the graph below shows, the supply of new homes for sale has also increased this year:

Wondering where you'll move if you sell your house today?  |  MyKCM

When building a new home, you can create your ideal living space and customize it to fit your lifestyle. This can mean anything from requesting energy-efficient options to special design features. Plus, you’ll get the benefit of all new appliances, windows, roof and more. All of these can help lower your energy costswhich can provide significant savings over time.

The lower maintenance that comes with a new home is another big advantage. If you have a new home, you likely won’t need to deal with small repairs like leaky faucets, shutters that need painting, and other small jobs around the house. And with new construction, you’ll also get warranty options that can cover a portion of your investment for the first few years.

Keep in mind that buying a new home can mean waiting a long time before you can move in. Robert Dietz, chief economist and senior vice president for economics and housing policy National Association of Home Builders (NAHB), explains:

“The inventory of new single-family homes remained elevated at 7.7 months. . . . However, only 8.3% of new home inventory is completed and ready for occupancy. The rest have not started construction (25.9%) or are under construction.”

This is an important decision factor that you should discuss with a trusted real estate advisor. They will help you weigh all the pros and cons of both new and existing homes to help you make the best decision.

Bottom line

With a growing supply of homes for sale, you have options for your next home regardless of your preferences. If you have questions or want help deciding what’s best for you, call Pinnacle at 781-237-5000 to start the conversation today.

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