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New Home Construction On The Rise

Thursday, September 16, 2021   /   by Flr Team

New Home Construction On The Rise

If you’re thinking of buying a home, now is the best time with today’s low mortgage rates, but the challenge is the low inventory. Many buyers want to capitalize on these market conditions, and it’s leading to more buyer competition and bidding wars. 

If you are having difficulty finding a home to buy, it may be time to sit down with a trusted Real Estate Professional about a newly built home. Early indicators show new-home construction is on the rise. While it won’t be able to fix the overall inventory challenges, this does mean you’ll soon have more options as you continue your search for a new home. As a buyer, a newly built home may be exactly what you are looking for, as it can be customized to your standards from the ground up. 

Here is what the industry experts are saying about new homes coming to the market:

Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says recent research could indicate an upward momentum when it comes to new home construction. 

Robert Dietz, Chief Economist and Senior Vice President of Economics and Housing Policy for the National Association of Home Builders (NAHB), singles out another encouraging sign:

“It is also worth noting that the number of single-family homes permitted but haven't started construction, continued to increase in May, rising to 142,000 units.” This insight serves as an additional sign that more new homes lie ahead and many are selling before construction begins.

This is all good news for the housing inventory. Bottom line, inventory challenges we face today won’t be solved overnight. The increase in new-home construction means you may have more options than you thought. Contact our team at Florida Lifestyle Realty today so you can learn more about finding your dream home and to discover newly built homes available in your area!

Florida Lifestyle Realty