Greater Springfield MO New Construction Home Sales
The Greater Springfield, MO, area has been the fastest growing area in the State of Missouri for the past 10 years. With the downturn of the real estate market, new construction was the first segment of the market to be affected. Most builders stopped completely. Others tried to continue on, but were caught in the continued downturn and eventually went bankrupt.
Those builders that survived continue to build, but not at the rapid pace of the real estate boom from 2003 to 2006. It is becoming increasingly more difficult to find a new construction home, or even a home less than 5 years old for that matter.
The chart below details the number of home sales for 2010 v. 2011.
You can see the reduction in the number of new construction homes sold. The inventory has decreased as well because it is difficult for a builder to be able to compete with the prices of the existing homes and foreclosures.
But there are still buyers in the market that are not finding what they want....even with the large inventory available. For those buyers, a new construction home is still a desirable option, especially with today's fantastic interest rates.
If you are considering building a new home, be sure to check with a local REALTOR® who is familiar with the business practices and reputations of the builders in the area, and can help guide you through the construction process and ensure that your rights are protected.
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