Some “home buyers” and outsiders looking in are surprised to hear that the number of homes for sale in the Triad market is STILL critically low. Wasn’t the housing shortage, or “inventory crisis”, so 2022?
No. As a matter of fact, the housing crisis is getting worse. In Winston-Salem, right now, there are 69 homes for sale between 250-350 with at least 3 bedrooms and 2 baths. 30 of those homes are new construction. For the $250,000 – $350,000 price range in Winston Salem, there is only 1.1 months supply of inventory
WHY NEW CONSTRUCTION WILL SAVE US
1. Location of the neighborhood isn’t critical like it used to be! Work from home opportunities are making commute times obsolete.
2. List prices can be contract prices! Don’t want to get into a bidding war? Consider new construction.
3. Spent all of your money on a down payment? Not to worry! New homes are covered by a warranty! Sometimes, window blinds, washer/dryers and refrigerators can be included in your purchase price and mortgage as well.
4. Larger building companies have the ability to build quickly, and give home buyers an opportunity to own a home!
5. Some home builders offer closing cost incentives when buyers use their preferred mortgage brokers and/or closing attorney!
WHY NEW CONSTRUCTION WON'T HELP
1. Increasingly strict government regulations for development have continued to increase costs, which are ultimately passed on to the buyer.
2. Location is still the most important word in real estate! Available land tends to be farther from the city center, and thus sometimes deemed less desirable.
3. Although the cost of most materials has stabilized, new home prices are up around 20% from just 3 years ago. Buyers who are comparing pricing have a hard time adjusting their mindset to “2023 pricing”. In short, new homes are smaller and cost more than they did 3 years ago!
4. Speculative homes are selling quickly, and most homebuilders can’t keep up with the demand. Homes built after a contract is written will take 6-8 months to build, and relocating
buyers need immediate occupancy!
WHAT'S THE TAKEAWAY?
When buying a home in 2023, consider all of your options, including new construction in a location that might not be your top choice!
Cheers to warm weather and Demon Deacon baseball! Call if you need a 4th or want to meet for your favorite beverage!
Berkshire Hathaway HomeServices Carolinas Realty
Tori Boysen
Broker
336-345-3499
tori.boysen@bhhscarolinas.com
www.toriboysen.com
