In the Reno-Sparks area (including unincorporated area of Washoe County) the number of single family building permits issued for the first six months of 2018 was up 30.58% over the same time in 2017. For January – June 2018 there were 1,204 permits issued according to the Nevada Center for Regional Studies at UNR. For the same period in 2017 there were only 922. With very low inventories of resale homes for sale, new construction can offer buyers another option. For sellers we are still seeing a fairly strong sellers market, even with the increase in new construction. The Shocket Team helps our clients know the market whether buying or selling. Reno-SparksRealEstate.com
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 building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers?
More inventory means more options. Mark Fleming, First American’s Chief Economist, explained that this is good news for the housing market – especially for those looking to buy:
“The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages.”
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 such little inventory to choose from.
- Fewer hassles as buyers don’t want to “rock the boat” on the deal.
If you are considering selling your house, you’ll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.