New Home Construction on the Rise
The new home construction market is on the rise. Between pent-up buyer demand, dreams of the perfect home, and newfound equity, new home construction is looking pretty good in the eyes of many. Who can blame them, either? Why settle for a house with creaky floorboards and a bathroom next to the kitchen when you can have exactly what you want.
What builders are saying
Builders are reporting an increase in demand for single-family homes in suburban neighbourhoods with lower-density populations. Areas where they can breathe and have more room for their growing family’s needs. Places where they can fit more than three people in their living room and don’t have to worry about Tim and Shadi throwing a rager every Thursday night and rattling their walls anymore.
What reports are saying
Reports show that building permits for new residential construction increased by almost 20% compared to recent months. Not to mention housing starts were also up by almost 5% over the same period of time.
What it all means
Although housing permits and starts are both considerably lower than they were at this time last year, indicating the new construction market is still working on building its way back up, the trends are moving in the right direction when it comes to having an impact on the economy. They’re also poised to create the much-needed new homes for buyers to purchase in a time when inventory is so scarce.
The gap between homes to buy and the high demand from purchasers may be narrowed by new construction, and the data shows that these homes are on their way into the housing market.
So, if you’ve debated whether or not to sell your house this year because you’re not sure where to move, a newly-built home – designed for your specific liking – may be your answer.
What You Need to Know
If you’ve got the finances to back the dream, then it’s probably time to finally design the home you’ve always wanted. With new building permits on the rise, you can bet residential construction is about to bloom as fast as allergies in the springtime. Get in contact with your friendly neighbourhood mortgage broker today to get the ball rolling on your new home.
-Kyle Green
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