More Americans have relied on new home construction to buy properties, which led to an 18.9% increase in home sales during September, according to the Commerce Department.
The department said that sales rose to a seasonally adjusted annual rate of 667,000 units, which was the highest level since October 2007. The data used contract signings to measure growth, which may further increase due to Americans that will find replacements for properties damaged by Hurricanes Harvey and Irma.
Stephen Stanley, chief economist at Amherst Pierpont Securities, believes that the pace of growth in home sales represented the swift recovery from both hurricanes. However, the rising demand proved to be a problem for builders, as they struggle to find workers on new projects.
Still, the markets outside hurricane-prone regions have registered more home sales. The Northeast area posted a 33% increase in sales, while the West and Midwest markets recorded 3% and almost 11% growth, respectively.
While buyers depend more on new home construction, existing home sellers may still capture the attention of prospective clients even during the winter season.
The colder months, particularly the time between Thanksgiving and the New Year, usually make it difficult to sell a house. However, making sure your home looks spic and span will make a big difference. You can also improve the appearance of your property by adding decorative metal fence panels.
Some buyers will also be keen on checking for new paint on walls and organized storage spaces, while others will inquire about bathroom or kitchen renovations. Take note that these will be some of the major selling points to increase your chances of closing a deal.
Property developers remain positive about the prospects of home sales, especially with the significant level of demand. For a homeowner, do you think selling your property is more difficult in winter than any time of the year?