Lennar upbeat on housing market after storms
Lennar's commentary about the housing market following Hurricane Irma: Despite being affected by the recent hurricanes, the United States' second largest homebuilder (Lennar) predicted a brief pause as the nation cleans up from the storms, but Chief Executive Stuart Miller said he expected to see increased demand for new homes going forward. "Results were supported by strong demand for homes, low unemployment, favorable interest rates and increased consumer confidence, which are all signs of a very healthy homebuilding market," the company said. Home orders, a key indicator of future revenue, rose 8.4 percent to 7,610 homes in the third quarter ended Aug. 31, though Lennar said deliveries of about 950 homes would be pushed into fiscal 2018 because of the hurricanes. Still, the Florida-based builder said it sold 7,598 homes in the quarter, compared with 6,779 homes a year earlier. Source: Reuters (10/03/17) Copyright 2017 INFORMATION INC., Bethesda, MD (301) 215-4688
Carol's commentary on the local market: The re-sale market is affected by the number of new home choices, in our area. Those sellers that want to sell quickly should realize that the competition to their home might not be the re-sale home down the street, but rather the new construction home, around the corner. So many new home developments in east Bradenton have made a big impact on re-sales and so knowing what is being offered in new construction is crucial. As I list homes, I always keep the competition in mind. I always say every home will sell we just have to market and present it correctly.