Competition In Nutley is Coming, Thinking of Selling Your Home?

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 in Nutley NJ?

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 in Nutley?

More inventory means more competition in Nutley NJ. Today, because of the tremendous lack of inventory, a seller can expect:

1. A great price on their home in Nutley as buyers outbid each other for it
2. A quick sale as buyers have so little to choose from in Nutley NJ
3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition in Nutley NJ, 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.”

Bottom Line

If you are considering selling your house in Nutley NJ, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price. Call me now at 862-228-0554 to get ahead of the competition of the Spring Market!