March 31st, 2012 categories: Buyer Strategies, Seller Strategies
Chantilly area home buyers looking at possible new home construction should know that national stats indicate rising building permits.? And in my own travels locally, I do see more new construction activity.
It would appear that the new construction housing market is ready for growth this season.
According to the Census Bureau, the number of single-family building permits issued in February rose to 472,000 on a seasonally-adjusted, annual basis, marking the highest building permit tally since April 2010 ? the last month of that year?s federal home buyer tax credit program.
Building permits indicate future new home construction.
In 2011, from the date of permit-issuance to the date of ?ground-breaking?, an average of 27 calendar days passed. February?s data, therefore, is a signal that the market for newly-built homes should be strong this year.? Recent homebuilder confidence survey data supports this as well.
As buyer foot traffic climbs, homebuilders expect to make more sales in the next 6 months than at any time since the housing market?s crashed. Builder confidence is at a 5-year high.
Of course, progress is not straight up.? Last month single-family housing starts slipped.
As compared to January, February?s single-family housing starts fell by 50,000 units on a seasonally-adjusted, annualized basis. The 10% drop represents the largest one-month drop since February 2011. It?s a statistic that may suggest that this year?s results are simply seasonal.
But buyers should be aware that the good news has another side.
Rising permits and builder confidence may mean that Northern Virginia area? homebuilders will be less willing to negotiate with today?s buyer on upgrades and/or home prices. However, as more new home supply is set to come online, excess housing stock could help keep home prices low.
All the more reason you need a real estate agent who is working on your behalf, as a Buyer Broker, when you are dealing with new construction.? If you are searching for an integrity based real estate professional to help you with the home buying or selling process, we invite you to take a few moments and watch our Testimonial Video which features honest commentary on how we serve our clients.? Let us know how we can help.? And if you are moving into the Northern Virginia area, we would love to be of assistance.
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