Friday, February 15, 2013

New Homes | New Construction: A Real Estate Option Worth Review

In today’s real estate market many industry professionals are dealing with the lowest level of housing inventory in many years to show their ready and anxious home buyers.
On both a national level and locally in Tampa Bay, we have experienced the effects of the dwindling inventory as it relates to real estate options. We are frequently encountering multiple offer scenarios and bidding wars between buyers and sellers requesting highest and best offer. 
New home construction is gaining tremendous momentum and offers home buyers enormous options and appeal. Various areas of Tampa, Florida are on the right side of this opportunity.  We have always enjoyed the benefits of newly developing communities, new home starts, and luxury of turning to new homes as viable options for our home buyers.
The U.S. census reported that about 36.5 million people moved into a new home in 2012! The demand for homes in Tampa, Florida is clearly up and mounting. Last year concluded on a high note for most national home builders. Building permits are up about 12% from last year and builder confidence is higher than it has been in four years!
New construction homes are continuing to receive more notice this year as well.  So much so, that the CEO of national home builder K-Hovnanian was quoted in a recent business interview saying, “We can’t build homes fast enough.” Real estate agents and homebuilder sales associates are working more closely together in order to satisfy clients and close transactions. A new website designed specifically to make new home buying easier is being utilized for the benefit of all parties involved in a home purchase. BuildersUpdate.com  allows prospective homebuyers to search for new homes through their agents websites. Being that new homes are rarely advertised on the MLS, this gives agents and homebuyer a chance to see this inventory that is now or will be coming soon!  The websites goal is to increase the number of homes shown to new homebuyers and incorporate them into the real estate sales agents showing list.
Tampa, Florida has seen an increase in real estate prices for newly constructed homes.  In some Tampa areas new home prices have risen upward to $30,000. New homes have countless benefits such as a builder’s warranties, energy star certification, some closing cost assistance to buyers, and other incentives. If you are interested in exploring new home communities in Tampa Bay, call today before prices and mortgage rates rise.