Thinking of Selling your Prosper Home? Competition is Coming
Selling your prosper home can be a daunting task. You need information and one important data point is building permits. The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise in Prosper 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 7.7% over last year Nationally and 132% here in Prosper Tx.
How will this impact buyers?
More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market - especially for those looking to buy:
"It's not spectacular construction growth, but it's slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed."
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 Hale said:
"As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today's quick-moving housing market."
If follow Prosper real estate or track what it takes to Sell Your Prosper Home, you know Prosper real estate sells slower on average than our neighboring cities. So with more homes on the market, you can expect an even longer time on the market to sell.
If you are considering the sale of your home, it might make sense to beat this new construction competition to the market. Here are a few quick hits for Prosper new construction for Aug 2016 vs Aug 2017.
- Single Family Permits Issued –44
- Single Family Houses Finaled –62
- Certificates of Occupancy Issued –14
- Zoning/Development Applications Submitted –10
- Single Family Permits Issued –102
- Single Family Houses Finaled –28
- Certificates of Occupancy Issued –26
- Zoning/Development Applications Submitted –16