New home prices going up
New home prices will see a big jump soon soon because of the natural disasters this year. My price radar went off with Harvey. Now Irma and the earthquake in Mexico will compound the shortage problem. Hurricanes and natural disasters always lead to construction worker shortage and material price increases. If you are locked in on a new home contract now you are one of the lucky ones.
My advice for those in the market for a new or newer home, is to jump on an inventory home or newer resale. Buy a home built with yesterday’s prices and close by the end of the year to get the builder year end discounts. There is a good supply of new homes now compared to Spring. Here is a link to new homes in Cary under construction now. I think it will be hard to replace the inventory at similar prices once it’s sold because of labor and material shortages.
Don’t be a pioneer in a new neighborhood
I do think this is the time to buy an inventory home but chose the neighborhood carefully. I would suggest buying in a neighborhood that is well under construction. There are too many new developments popping up that are just a bit too remote. We’ll have an over supply again so buy now but think location. Have a buyers agent experienced with new construction and work the best deal with the builder.
My guide to building a new construction home will be a help for buying an inventory home too.