Brenda: Pamela, I’ve seen a lot of new construction going on this year and many communities finishing up their home building. In this economy this is interesting to see. What have you been seeing as a buyer’s specialist and how does this new construction affect the existing home sales?
Pamela: Yes I’ve seen and shown a number of buyers’ new construction, something I haven’t done in a while. Buyers are buying new homes even in this economy. If they are relocating from another state or they have purchased their homes a number of years ago they often qualify to purchase a new home. A big factor in the fairly brisk sales of new construction is that the new homes are now priced aggressively and to the market. The builders of the new home projects need to compete with the existing inventory of homes. And the inventory of homes is at a record low for East Orlando in particular.
Brenda: Yes, the resales have been very active driving the inventory down. As of Dec. 21, Avalon Park had only 32 homes for sale. Stoneybrook had 23, Eastwood 15 and Waterford 37. We have also seen homes selling very quickly with multiple offers on homes. In the past three months, 63 homes were sold in Avalon Park, Stoneybrook sold 10, Eastwood sold 19 and Waterford Lakes sold 62 homes. I can see why some buyers are looking at new homes. New construction offers more “energy efficient” homes, which result in lower utility bills, something most buyers and homeowners are concerned with. The new homes are priced competitively with some good builder incentives for the buyers. Buyers can sometimes get more land and the buyers get to choose their own selections to personalize their homes. Another benefit to building a home is that most builders offer financing packages, which include contributing toward the buyer’s closing costs. So there are a lot of advantages to buying new construction.
Pamela: I have also noticed an increase in buyers that do not want to make a lot of repairs that are required when they purchase a short sale or a bank-owned property. Many buyers want a “turn key” home and they get just that when they purchase new construction.
Contact information
-Brenda Kolbrich, CRS
Keller Williams Realty Advantage II
Brenda@TopOrlandoHomes.com
407-963-6876
-Pamela Rehbein, GRI, ABR
Keller Williams Realty Advantage II
pamela@HomeForYourHeart.com
407-488-4078