Sales of new homes rose in March 2011, and the inventory of available properties hit its lowest point in almost 55 years, according to the U.S. Commerce Department.
New home sales increased to 11.1 percent of the seasonally adjusted 300,000 unit rate—which is also up from the anticipated pace of 280,000 units. The number of available new homes dropped to 183,000 units in March, the lowest inventory since August 1967.
Resales and foreclosures continue to make up the majority of sales (more than 90 percent), but more and more homebuyers are seeing the advantage of purchasing a new home in the current market. With interest rates still low and the price of new homes still competitive, the advantages of new homes in terms of minimal upkeep, greater resale value, increased energy efficiency, and other factors are weighing on the minds of homebuyers—and tipping the scales, if these figures are any indication.
Certainly, the price of foreclosed homes and short sales appeal to buyers, but it’s important to note that this type of property often has hidden problems. Owners in financial distress ignore the upkeep that is necessary to maintain property value. As a result, the buyer needs to consider more than just the sale price. New homes are still competitively priced, while also offering the peace of mind of warranties, as well as the cost savings from energy efficient appliances and construction.
If you’re ready to join the trend towards new home purchase, now is still an excellent time. Talk to us at Stylecraft Builders about your many options. Our homes and communities throughout the Bryan-College Station region in Texas offer a comfortable, affordable lifestyle in a thriving area. Check out our move-in-ready homes, take a virtual tour of Stylecraft Builders models or call us to arrange a personal tour.