Momentum is Building for New Home Construction

If you're currently house hunting, you're likely aware of the limited supply of homes for sale, which can make it challenging to find options that meet your preferences. However, don't overlook the excellent choice of newly built homes.

According to a recent article from the National Association of Realtors (NAR), the real estate market is experiencing a shortage of existing homes, while the market for new construction is thriving. This is reflected in the increase in new residential completions, which are newly built homes that are finished and ready for occupancy.

Historical data from the Census reveals that leading up to the housing crash, builders exceeded the average number of finished housing units, resulting in an oversupply and declining home values. Since then, the level of new home construction has been below the historical average, contributing to the current low inventory.

The encouraging news is that builders are now matching the long-term average of new home construction, as indicated by the latest Census report. Residential starts and permits are also on the rise, indicating that more newly built homes will be available in the near future.

What does this mean for you? It means that your pool of options has expanded. If you're looking to move soon, reach out to a local real estate professional who can help you explore recently completed homes in your area. If you can afford to wait and desire a home customized to your preferences, consider homes that are still under construction, as you can have a say in the features and finishes.

No matter your preference, a trusted real estate agent is invaluable in navigating the process. They possess in-depth knowledge of what's available in your area and can provide recommendations tailored to your needs and desired neighborhoods.

In conclusion, if you're struggling to find a home you like due to low inventory, exploring new-home construction may be the solution. Start the conversation by contacting a trusted local real estate professional who specializes in your area. They will guide you through the process and help you find the home that suits your needs.