A recent report from the National Association of Home Builders (NAHB) has found that builder confidence is up industrywide when it comes to home construction this month. In the group's Housing Market Index - a monthly study compiled in conjunction with financial giant Wells Fargo - the composite ticked upward three basis points from April to May, now sitting at a healthy 44 for the period.
"Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies. This is definitely an encouraging sign even amidst rising challenges with regard to the cost and availability of building materials, lots and labor," NAHB Chairman Rick Judson, a home builder from Charlotte, N.C., stated in the group's press release.
For months, activity has been ramping up in the housing industry, with buyers flooding the market faster than home builders could keep pace. With the busy summer real estate season just about to begin, the supply of new residences is anticipated to tighten even more if buyers can't keep up.
If you are looking into purchasing a new property over the next few months, make sure to watch out for signs that the home is a positive investment. Things like outdated electrical systems or plumbing leaks could result in costly repair bills down the line. Should you only discover these issues after signing the lease, an experienced Arlington electrical service like John C. Flood can help you fix the problem without costing you a fortune.