Connecticut Real Estate: Can Sellers Compete With New Home Builders
According to a U.S. Census survey residential building permits have raced upwards by 47% in the last two years. As the economy, confidence and housing markets have begun a healthy turn around, home builders have been enjoying a huge surge in demand and many report difficulty in finding enough land to keep up. Recent news headlines have highlighted just how crazy the market is getting. Home builders across the country are attempting to prevent buyers from camping out for weeks ahead of opening events by hosting auctions or lotteries instead. Some may be concerned that this hunger for newly constructed homes could hurt the average CT homeowner or take some of the fire out of flipping houses for real estate investors. However, there are a number of factors at play which mitigate this, including: In other words, the competition from home builders in the Connecticut real estate market really isn’t at a point where it will depress re-sales of existing homes. Success in selling CT homes fast today is really all about positioning. Those wholesaling houses really aren’t competing with builders at all. It’s a completely different product and breed of home buyer. Those flipping houses and regular homeowners wanting to get top dollar for their homes can also find that, with attractive improvements, they can offer an equally attractive product for less.
Connecticut is realizing a huge surge in new home construction, which is great for the local economy, but is it holding regular sellers and real estate investors back as the competition heats up?