We’re in the thick of a housing crisis. Buyers are waiting to pounce on properties, but there aren’t any houses to buy. Mortgage rates are high, and prices have risen or stayed flat in most parts of the country. So, where do first-time home buyers turn when there’s nowhere else to go? New construction homes! But it’s not just regular home buyers bidding on new construction. Investors are creating more competition as the existing home market slowly trickles out inventory.
Nikolas Scoolis’ team at Zonda has been distributing some of the most comprehensive new construction data for the 2023 housing market, and he’s got some good news to share. With new construction home sales sharply rising over the past year, builders are getting bullish, and home buyers are FINALLY getting their hands on some inventory. But, with so many home builders chasing luxury profits, are affordable houses even worth building? And while new homes bring some relief to the inventory crisis we’re facing, it may not be enough to balance supply and demand.
Nikolas will get into new construction market updates, why new home sales are exploding, who’s buying, and the BIG incentives builders are promising buyers.
In This Episode We Cover:
The housing inventory crisis and if new homes will match demand
Affordable housing and whether or not small square footage homes will come on the market
Baby boomer investors vs. first-time home buyers and the fight for inventory
Rate buydowns, free upgrades, and other incentives home builders are still offering
Recovering markets that are seeing strength return after HUGE price drops
And So Much More!
Links from the Show
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On The Market
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Who’s Keeping the Housing Market Moving? Baby Boomers
Read Zonda’s New Home Market Update
Bullish Homebuilders, Affordable Housing, and Why Home Prices WON’T Move
Connect with Nikolas:
Nikolas' LinkedIn
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-138
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