New construction starts are at an all time high of 30+% compared to 2015 at 10%. I currently am working with a couple who just bought a new MainVue Home. As of last Friday when 15 homes were released (phase 1) in one new neighborhood in Edmonds, 5 of them are pending in one week. 5 more now have reservations on them. As we were there the first day it was open, there were literally droves of people walking on the second visit there were even more. This is the raw lot to be built 9-10 months out.
Buyer’s are buying! When you get into a new project at the first phase, generally the phases to follow are at a higher price, so they will have equity by the time the home is finished. So when buyer’s ask is this a good time to buy? Even at a 7+% rate the cost of waiting until rates drop will cost them even more because home prices will raise as rates lower. The buyer will miss out on the equity that grows in the meantime.
I love new construction and if you have any questions or needs, please reach out today!
I love my job!
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