New home construction gives first time homebuyers hope with increasing inventory. Have questions? (404) 410-6465 or visit www.completerealtyteam.com/

New Home Construction Is Ramping Up
If you're looking for a home right now, you're aware that the number of homes for sale is restricted, and you're feeling the pinch of having fewer options. And, if you're having problems finding something you like right now, keep in mind that a freshly built home is a terrific choice.

According to a recent National Association of Realtors (NAR) article:

“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in 2019 . . . Meanwhile, the market for new construction is a bright spot.”

Lets look at an important metric that demonstrate how much new home construction is increasing across the country. It's referred to as new residential completions. Completions are newly constructed homes that are finished and ready to move into. The Census Bureau has released new data that demonstrates the trajectory of new home completions through time, including the long-term average for the number of completed housing units.

It demonstrates that, prior to the housing meltdown, builders outperformed the average. As a result of the surplus of properties on the market, property values fell. That was one of the elements that contributed to the 2008 housing meltdown.

Since then, the pace of new home development has slowed, and builders have failed to achieve the historical norm. Underbuilding has resulted in a multi-year inventory deficit in the housing market. And it is this gap that is causing inventory to be so low right now.

But there is some good news. The green on the right indicates that, according to the most recent Census report, builders are currently matching the long-term average. As a result, they are bringing more newly built homes to the market than in recent memory.

Residential starts and permits are also increasing. Starts are houses where building has officially begun. Permits are homes where the builder intends to break ground shortly. Both are now up, indicating that there will be many more newly built homes soon.

What Does This Mean for You?

More newly built homes in various phases of construction means your pool of alternatives has grown. If you're looking to relocate right now and time is of the essence, contact a local real estate specialist to learn about recently completed homes in your region. If those houses are built, you should be able to move in immediately.

If you can wait a little longer and the concept of creating a home from the ground up appeals to you, ask the same realtor about the homes in your neighborhood that are now under construction. If you buy a home that is still under construction, you can help choose the features and finishes along the way. And if none of the homes you've seen so far have piqued your interest, being able to customize one may be your best option.

In either case, a reliable real estate agent is an essential component of the process. They'll know exactly what's available in your area and can provide recommendations based on your specific needs, chosen communities, and other factors.

Summing It Up

So, if you're having difficulty locating a home you like while inventory is so low, it could be time to investigate new-home construction. If you'd want to start that dialogue, let's connect so you can work with a local expert on what's available.

If you want to buy or sell a home in Cobb County or the Atlanta area or just have questions, please don’t hesitate to get in touch with us!

Complete Realty Team
Ken Mandich - REALTOR®
Phone: 404-410-6465
Main Site: www.completerealtyteam.com/
Google Business Info:
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Address: 1642 Powers Ferry RD Unit 150
Marietta, GA 30067
Email: admin@completerealtyteam.com

Brokerage:
ERA Sunrise Realty
David Moody - Broker
Office: 678-781-7400
Email: david.moody@era.com

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