What Do New And Existing Home Sale Numbers Mean For You?
If you are getting ready to sell your home or you already have your home on the selling market you have probably heard the stories and debates over whether buyers should buy a brand new home or an existing home. Believe it or not there are differences when debating the two options. Since you are selling your home and you cannot change how old it is you should understand the differences between the two. This will prepare you better in the sale of your current home.
New Home Sales
Recent research shows that US home sales have slowed down as a whole. This does not mean it is different for new home sales or existing home sales. Let us concentrate on new home sales first. New homes sales had slowed down in past years for over the last year they have started to increase and make a comeback. The research shows that new homes sales have increased about twenty five percent over the past year.
However that number is still considerably low. This has concerned homebuilders concerned. When the home buying economy is doing poorly the homebuilders stop building new homes. This is why buyers are having a hard time when only looking to purchase a brand new home. According to the research that was done at the moment there are a record low number of new houses available to buyers.
The good news is that as the economy is increasing the builders are starting to build again. Within the next year the market could be a great place for buyers who are looking to purchase a new home.
Selling An Existing Home
If you are looking to sell an existing home now is the time to do it. You will want to get it on the market and get it sold before all of the new homes being built also hit the market.
Per the research that was completed it looks like home sellers selling their existing homes have taken advantage of the poor housing market. Existing home sales have continued to increase as well as the sales price of these homes. This is a great sign for sellers.
Mortgage Loan Rates
Mortgage loan rates have also played a major role in home selling. These rates have been at record lows and have been enticing to buyers who were not able to afford the high loan rates that were offered previously. The bad news is that as the economy continues to improve the mortgage loan rates are gradually going up as well.
If you are a seller who wants to sell your current home it is recommended that you hurry up and get it on the market. As the market increases you will find that many homebuilders will increase the amount of homes they are building. It is general knowledge that buyers would rather have a brand new home than one that already exists. This is the perfect time so get your home on the market and get it sold.