May 10, 2017 (STLRealEstate.News) The inventory of available homes in the United States is at a historic low. The lack of availability has squeezed many home-buyers out of the market, unable to compete with the rising real estate rates and quick closing requirements. Realtor.com this week published an article stating that buyers need to just hang in there a little longer. More new homes are finally on the way.
Buying a home today isn’t exactly an easy, inexpensive process. Buyers need to throw down a down payment, secure financing, fill out more paperwork than is necessary, and have their offer accepted ahead of the 7 other competitors typical on every available home today. Plus, not to mention, that requires buyers to find their dream home in the first place – one that is even up for sale. Naturally, the lack of supply and the mounting demand has worked its way into the construction industry.
Builders secured more permits this past March than in the past previous years. About 1.26 million stepped up to the plate to help the construction of the sorely needed, brand new living spaces that millions want today. According to the seasonably adjusted numbers in the latest residential sales report jointly released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, these permits are a strong indication that millions are already at work to help stabilize the incredibly lopsided housing market.
The March findings were a 3.6% increase from February 2017, and a 17% jump from March 2016. “Its good news, confirming that new construction is continuing to rise,” said Realtor.com’s Senior Economist, Joseph Kirchner. “That’s important, because it means it will help to relieve the nation’s housing shortage.” More options for condos and rentals are already expected to hit the market as soon as this summer and fall.