{"id":23163,"date":"2024-01-17T16:17:06","date_gmt":"2024-01-17T16:17:06","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23163"},"modified":"2024-01-17T16:17:07","modified_gmt":"2024-01-17T16:17:07","slug":"new-existing-home-supplies-diverge","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/new-existing-home-supplies-diverge\/","title":{"rendered":"New, Existing Home Supplies Diverge"},"content":{"rendered":"\n

Homebuilders are providing options buyers can\u2019t find in the existing-home sales market.<\/p>\n\n\n\n

Newly built homes account for a small share of the home sales market, generally around 10%. But builders have grown that percentage this year and will make further gains in 2024. Even with higher mortgage rates, new-home sales are rising because builders are bringing more inventory onto the market than they did before the COVID-19 pandemic. By contrast, the market for existing homes is gummed up by lack of inventory, which is about half of what it was in 2019. After two consecutive years of near-20% declines, existing-home sales will recover next year with a baseline gain of 10% to 15%. If, somehow, more inventory bursts forth, a surprisingly positive gain of 25% to 30% is a distinct possibility. Lack of supply is behind ongoing multiple-offer scenarios on moderate- to mid-priced homes and attests to the importance of inventory in getting the market moving.<\/p>\n\n\n\n

Builders can add inventory by constructing homes. Boosting existing- home inventory requires owners to give up the low mortgage rates they secured a couple of years ago. Rates in the 2.5% to 3% range may be too good for some owners to surrender. But consider the life-changing events that took place during the past two years: 3 million marriages, 1.5 million divorces, 7 million births, 4 million deaths, and 7 million Americans reaching 65. Staying put isn\u2019t an option for many growing families or divorcing couples. The dream of retiring to a home requiring less maintenance can\u2019t be postponed indefinitely. People need and want to move. Even a small fall in mortgage rates could be the enticement.<\/p>\n\n\n\n

In the past two years, we\u2019ve seen 4 million net new jobs, along with 50 million job switches. Many office workers would like a home that accommodates new hybrid work policies.<\/p>\n\n\n\n

Pent-up supplies have been steadily building. Combine that with the usual demand response from lower rates, and the home sales market will become more dynamic.<\/p>\n\n\n\n

Virtual Purchases Persist<\/h2>\n\n\n\n

Although sales were down slightly in August, NAR data indicates buyer motivation remains strong. Market pace and technology spurred 7% of buyers in August to purchase a home based only on a virtual tour, showing or open house, virtually unchanged from one year ago.<\/p>\n\n\n\n

\"Supply<\/figure>\n\n\n\n

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\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Homebuilders are providing options buyers can\u2019t find in the existing-home sales market. Newly built homes account for a small share of the home sales market, generally around 10%. But builders have grown that percentage this year and will make further gains in 2024. Even with higher mortgage rates, new-home sales are rising because builders are … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-23163","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nNew, Existing Home Supplies Diverge - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/new-existing-home-supplies-diverge\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"New, Existing Home Supplies Diverge\",\"datePublished\":\"2024-01-17T16:17:06+00:00\",\"dateModified\":\"2024-01-17T16:17:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/\"},\"wordCount\":374,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cdn.nar.realtor\\\/sites\\\/default\\\/files\\\/styles\\\/inline_paragraph_image\\\/public\\\/rm-fall-23-suppl-and-demand.png?itok=fIL0obGZ\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/new-existing-home-supplies-diverge\\\/\",\"name\":\"New, Existing Home Supplies Diverge - 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