In a recently published article on Reuters titled, “New Home Sales Up, Inventory at a 43-1/2 Year Low,” the message seems hopeful at first glance. However, the reason behind the title is worth asking a few questions.
First of all, why is the inventory of new homes so low?
For starters, the number of used homes available in the Richmond real estate market is currently very high. To explain the terminology, a “used home” is one that was build using yesterday’s construction methods, which are now slightly outdated by today’s methods. These homes are not current on energy efficient standards and are stuck with yesterday’s curb appeal. Foreclosed homes are quickly flooding the market as buyers must leave their homes do to unfortunate financial circumstances. On the other hand, a used home from a seller who is not experiencing financial difficulties is more than likely just not suited for their needs anymore.
Like their fellow Americans, Builders are experiencing the same kinds of financial woes and are short on funds. They are unable to build as many homes as quickly as they would like.
But if I still prefer a new home, what can I do?
If you are still in the market for a new home in the Richmond real estate market, then contact Boone Homes. Even in times of financial crisis, this Richmond home builder is still building new homes for buyers. All homes built by Boone are constructed with updated construction techniques and feature up-to-date energy efficient standards.
To learn more about Boone Homes and how they can build your Richmond custom home, visit their website. For a personalized appointment and tour, call Chris Parks at (804) 218-7760.