Looking for a new home in Surprise right now should not be a problem.  Pulte Homes, Meritage, Toll Brothers, all have permits to start construction.  Looking at the permits issued in Surprise AZ 

You can see how the hundreds of home starts is going to help the lower inventory of homes for sale in Surprise AZ

The number of building permits issued for single-family homes in Surprise AZ is the best indicator of how many newly built homes will begin to come to market over the next few months.

According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.

How will this impact buyers?

New inventory in Surprise AZ means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained how this is good news for the housing market – especially for those looking to buy:

“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”

How will this impact sellers?

More inventory means more competition. Yun continues to say:

“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”

Today, because of the tremendous lack of inventory, a seller can potentially anticipate:

A great sale price on their house as buyers engage in potential bidding wars. This is great at the first part of the sale,  Then when the appraisal comes in, this can become another set of negotiations. 

A quick sale as buyers have little inventory to choose from.

Fewer hassles as buyers want to smoothly secure a contract.

Bottom Line

If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.