Supply of new homes ready to rise across the country
Looking for a new home in Chicago? The supply might soon increase.
The National Association of REALTORS® recently ran a look at the pace of new housing starts across the country. According to the story, builders are boosting the supply of new homes today.
Led by a jump in multifamily construction, total housing starts jumped by a healthy 12.3 percent in August, according to information released by the National Association of Home Builders. That comes out to a rate of 1.36 million new housing units for the year. This is the highest this level has been since May of 2007, according to the story.
The story said that single-family home starts rose 4.4 percent in August, reaching a yearly pace of 919,000 units. The multifamily sector, though, saw the biggest increase. According to the story, the number of new housing starts for condos and apartment units jumped 32.8 percent in August, reaching a yearly pace of 445,000 new units.
This is good news for buyers. The supply of condos and single-family homes for sale in Chicago has been in decline for a long time. This makes it difficult for buyers to find a home that fits for them and their families. A boost in the supply of newly built homes can only help to alleviate, at least a bit, this shortage.
Are you looking for a new condominium or single-family home in the Chicago market? Then you need to work with a REALTOR® who knows the city and its various neighborhoods. This professional can tell you when a newly built home is priced fairly or when it’s asking price is too high for the market. A REALTOR® can also lead the often contentious negotiating process, making sure that you do end up paying a price that works for you.