New Home Inventory is scarce in Rehoboth MA- Rehoboth, Swansea, Seekonk, MA homes and Real Estate
For the home buyer looking to purchasing a newly built home there are challenges and hurdles to overcome. As I searched and scoured the MLS for Newly built Homes( price range $380,000 to $450,000), for my buyer clients, I concluded that I am at a stand still. I cannot seem to find brand new homes that are already built in Rehoboth Massachusetts. The only option for my buyers was to have a home built.
So I got on the phone to call some builders, explored some house lots, and After extensive research, and talking to several builders, the conclusion is that builders are not building subdivisions or even purchasing land. The banks are reluctant to offer financing to builders these days. In my conversations with builders, they are looking for buyers who want to build to suit only. This requires a 3-6 month wait as well as construction loan to the home buyer.
So now I research further, asking myself, is this just a challenge her or is there a shortage of newly built homes in other parts of the country? YES, there is a shortage here, and yes there are shortages in inventory across some other parts of the country. National Home Builders Association
So buyers must be ready to make decisions.
My other question: Will this shortage of new construction homes affect pricing on newly built homes? YES, it’s the law of supply and demand.
With little inventory for this product, sellers of newer homes and brand new homes WILL price their homes knowing that buyers are limited in their choices.
The opportunity for home buyers is now! Some experts believe we have turned the corner. I know you are tired of hearing this, but now more than ever, interest rates are the lowest they have been in years. Get your rate locked. Analysts say that interest rates in 2011 will be a percentage point higher.
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