I have been getting a lot of questions recently about the summer 2018 market for new construction in the Triangle area –
Here are a few of the more common questions:
- Is now a good time to buy or build a new home?
- Which builders are the best in the area?
- Are there any good deals with new construction?
The answer to all 3 of these questions are the same – it depends.
I realize this is not the simple answer people want to hear but if you think about it real estate usually boils down to 3 factors: location, perceived value, and price. So, if a new property has these 3 factors in its favor then a buyer should buy it.
There are some good deals out there in some price ranges, but not all.
Location preference varies depending on whether a buyer can work from home or commute and if they can afford to live in their preferred location. Another factor is how important neighborhood amenities are and whether they like paying for access to a community pool, playground, tennis courts and walking trails.
There are only a couple of areas that have a decent selection of lots for sale so most of the new construction offerings are in subdivisions.
New neighborhoods are coming up everywhere – Raleigh, Durham, Chapel Hill, Apex, Holly Springs, Wake Forest, and Knightdale.
Most of those are offered by medium to large builders. There are also some new homes being built in older existing neighborhoods, particularly in downtown Durham and downtown Raleigh – these are usually the work or small to medium local builders who have been working hard to purchase existing properties and work with the municipalities to revitalize downtown neighborhoods.
When buyers ask me if it’s a good time to buy or build a home, the answer is usually yes.
Construction costs continue to increase so if you really want a brand new home, the longer you wait, the more it is going to cost to build. Indications are that mortgage interest rates are going to continue to increase so that is also a factor. So for buyers who plan to save money for a year and then build, they really have to think about whether that is going to get you ahead vs building now and tightening your monthly budget to adjust to a slightly higher mortgage payment.
If you want to know what I think about any new construction you are contemplating, just let me know and I can give you more specific advice about builders, neighborhoods, and timing.
Contact Amy Shair for an appointment. Amy Shair knows more about the market than what you can see on Zillow or Realtor.com. Share with her what you are looking for and she will navigate you through the housing market with your best interests at heart.
