Inventory of current homes isn’t the only thing lacking in Seattle, Seattle also ranks in the top 15 nationwide for lack of buildable land. The National Association of Home Builders says the availability of new-home lots is at a historic low. 64% of home builders reported the supply of new-home lots in their areas was “low” or “very low”. That’s the highest percentage since the NAHB started collecting this data in 1997!
The buildable land shortage is driving up prices on new homes in and around Seattle. Given the steep increase of new home prices along with the appreciating market for existing homes, many Seattle homeowners are finding it considerably cheaper to renovate their current home than to sell and purchase new. This trend will only further decrease existing home sales, and pressure overall inventory of homes for sale in Seattle downward.
To read more, check out the full article here: http://blog.rismedia.com/2016/
new-home-lots/?utm_source= newsletter&utm_medium=email& utm_campaign=eNews
Today's blog courtesy of Kyle Bergquist, Guild Mortgage