{"id":5875,"date":"2024-06-13T05:30:00","date_gmt":"2024-06-13T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/homebuilders-arent-overbuilding-theyre-catching-up\/"},"modified":"2024-06-13T05:30:00","modified_gmt":"2024-06-13T10:30:00","slug":"homebuilders-arent-overbuilding-theyre-catching-up","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/homebuilders-arent-overbuilding-theyre-catching-up\/","title":{"rendered":"Homebuilders Aren\u2019t Overbuilding, They\u2019re Catching Up"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\"  src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240611\/20240613-Homebuilders-Aren-t-Overbuilding-They-re-Catching-Up-original.png?ssl=1\" alt=\"Homebuilders Aren\u2019t Overbuilding, They\u2019re Catching Up Simplifying The Market\" loading=\"lazy\" style=\"margin-bottom: 5px;clear: both;max-width: 100%\" \/><\/p>\n<p>You may have heard that there are more <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/05\/03\/builders-are-building-smaller-homes-infographic-1\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">brand-new homes<\/a> available right now than the norm. Today, about <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/05\/09\/the-top-2-reasons-to-consider-a-newly-built-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">one in three<\/a> homes on the market are newly built. And if you\u2019re wondering what that means for the housing market and for your <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/05\/30\/the-biggest-mistakes-buyers-are-making-today\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">own move<\/a>, here\u2019s what you need to know.<\/p>\n<h4><strong>Why This Isn\u2019t Like 2008<\/strong><\/h4>\n<p>People remember what happened to the housing market back in <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/04\/24\/foreclosure-numbers-are-nothing-like-the-2008-crash\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">2008<\/a>. And one of the factors that contributed to that crash was that there were too many <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/05\/16\/the-number-of-homes-for-sale-is-increasing\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">homes for sale<\/a>. While only part of the oversupply back then came from builders, the lasting impact is that some people still feel uneasy when they hear new home construction has ramped up.<\/p>\n<p><strong>Even though the supply of new homes has grown this year, the data shows there\u2019s no need to worry. Builders aren\u2019t overbuilding, they\u2019re just catching up.&nbsp;<\/strong><\/p>\n<p>The graph below uses data from the <em>Census <\/em>to <a href=\"http:\/\/www.census.gov\/construction\/nrc\/xls\/co_cust.xls\" rel=\"noopener noreferrer\" target=\"_blank\">show<\/a> the number of new houses built over the last 52 years. Following the crash in 2008, there was a long period of underbuilding (<em>shown in red<\/em>). And it wasn\u2019t until recently that we finally met the long-term average for how many homes are built in a typical year. <a href=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240611\/20240613-Builders-Aren-t-Overbuilding-They-re-Catching-Up-original.png?ssl=1\" rel=\"noopener noreferrer\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/files.keepingcurrentmatters.com\/KeepingCurrentMatters\/content\/images\/20240611\/20240613-Builders-Aren-t-Overbuilding-They-re-Catching-Up-original.png?ssl=1\" alt=\"No Caption Received\"><\/a><\/p>\n<p><\/p>\n<p>This shows, that even with the increase in new builds we\u2019ve seen lately, there won\u2019t suddenly be an oversupply of homes for sale. There\u2019s too much of a gap to make up after over a decade of underbuilding. And if you\u2019re still worried <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/04\/11\/builders-are-building-smaller-homes\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">builders<\/a> are overdoing it, here\u2019s something else that should be reassuring.&nbsp;<\/p>\n<h4><strong>New Home Construction May Be at Its Peak for the Year<\/strong><\/h4>\n<p>The <a href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">latest data<\/a> from the <em>Census<\/em> on housing starts (homes where builders just broke ground) and permits (homes where builders can start development soon) shows builders are slowing down their pace right now. Why is that?<\/p>\n<p>They\u2019re responding to still high <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/05\/02\/what-is-going-on-with-mortgage-rates\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates<\/a> and how those are impacting buyer demand. Basically, they\u2019re pulling back appropriately in response to what\u2019s happening in the market. As an article from <em>HousingWire<\/em> <a href=\"https:\/\/www.housingwire.com\/articles\/builders-are-pulling-back-on-single-family-home-construction\/\" rel=\"noopener noreferrer\" target=\"_blank\">explains<\/a>:&nbsp;<\/p>\n<blockquote><p><em>\u201cEven with a massive housing shortage across the nation, homebuilders are completing their pipelines and not seeking as many permits to construct new single-family houses.\u201d&nbsp;<\/em><\/p><\/blockquote>\n<p><strong>Builders remember what happened when they overbuilt in the crash, and they\u2019re looking to avoid a repeat of that. So, they\u2019re being mindful and pulling back a bit.<\/strong><\/p>\n<h4><strong>You May Have More Options Now Versus Later<\/strong><\/h4>\n<p>If you\u2019re considering a newly built home, here\u2019s how this impacts you. With builders seeking fewer permits and not breaking ground on as many new homes, we may be at the peak of new home construction for the year. This doesn\u2019t mean new home construction is screeching to a stop \u2013 just that the pace is slowing down now, and that\u2019ll impact what comes to market later this year. As Lawrence Yun, Chief Economist at the <em>National Association of Realtors<\/em> (NAR), <a href=\"https:\/\/www.housingwire.com\/articles\/builders-are-pulling-back-on-single-family-home-construction\/\" rel=\"noopener noreferrer\" target=\"_blank\">says<\/a>:<\/p>\n<blockquote><p><em>\u201cGiven the recent declines in housing starts, home completions will steadily show declines in about six months.\u201d<\/em><\/p><\/blockquote>\n<p><strong>So, if you\u2019re ready and able to buy now, you may find you\u2019ll have more newly built options to choose from now versus later on. This may be enough reason to kick off your search. <\/strong><\/p>\n<p>Just be sure to work with a local <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/02\/05\/why-having-your-own-agent-matters-when-buying-a-new-construction-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent<\/a> you know and trust throughout the process. An <a href=\"https:\/\/www.simplifyingthemarket.com\/2024\/04\/09\/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home\/?a=375140-ca8522ad04357da9549c08492a932f70\" rel=\"noopener noreferrer\" target=\"_blank\">agent<\/a> will have valuable insight into builder reputations and other key factors specific to your market. And if there isn\u2019t much new construction near you, they\u2019ll be able to point you toward a nearby area where there is.<\/p>\n<h3>Bottom Line<\/h3>\n<p>While it\u2019s true new home construction is a bigger segment of the market than the norm, that\u2019s not a bad thing. Builders aren\u2019t overbuilding, and they\u2019re responding to market signals to avoid repeating the mistakes that were made in 2008.<\/p>\n<p>&nbsp;<\/p>\n<p>If you want to buy now while new home options may be at their peak, reach out to a local real estate agent.&nbsp;<\/p>\n<p>Source: New feed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You may have heard that there are more brand-new homes available right now than the norm. Today, about one in three homes on the market are newly built. And if you\u2019re wondering what that means for the housing market and for your own move, here\u2019s what you need to know. Why This Isn\u2019t Like 2008 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5876,"comment_status":"false","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10157519356927224_105287467588662":"","twitter_15771620_15771620":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[54],"class_list":{"0":"post-5875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-info","8":"tag-100-financing","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homebuilders Aren\u2019t Overbuilding, They\u2019re Catching Up&#8212;NWI Loan Guy Blog<\/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:\/\/nwiloanguy.com\/blog\/homebuilders-arent-overbuilding-theyre-catching-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homebuilders Aren\u2019t Overbuilding, They\u2019re Catching Up&#8212;NWI Loan Guy Blog\" \/>\n<meta property=\"og:description\" content=\"You may have heard that there are more brand-new homes available right now than the norm. 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