January 29th, 2008, posted by Veronica
From The Washington Post: “U.S. home construction last year plummeted at a rate not seen since 1980…”
This is great news for sellers. Think about it. Since the supply of new home construction has gone down and will probably continue, there is an increased likelihood of more people inquiring about existing homes for sale. In other words, when there is less supply, demand for that supply is increased. Additionally, an increase in demand creates an increase in price.
It will probably take some time to see this increase in some markets, so buyers, take advantage of the market now!