If you’ve been keeping up with local real estate, you’ve heard about the housing supply shortage. The prices are going up, and we need more homes on the market because they are going under contract quickly! Here’s what to expect in 2018 from new construction homes, part of the solution for low inventory.
Nationally, about 653,000 new homes will be sold in 2018, which is up 5.4% from last year, reported by the National Association of Home Builders. There will be a change in the types of homes that are being sold by builders, with more lower-priced options. Lower-priced options are defined as homes that cost less than $350,000. A labor and land shortage has put a damper on new home builders, and cost of materials are going up, which can partly explain the rising home prices. The local median home value and state of the current market also affect prices.
If you’re looking to buy a new home in 2018, you should know about the recent tax reform and what that means for home buyers. Due to tax reform, you could have more cash in your pocket that can be saved for a down payment. However, mortgage interest rates are expected to rise in 2018, making buying more expensive than it has been.
Due to these issues, many experts are recommending home buyers to purchase sooner rather than later in 2018. Master planned communities, or urban villages, will be popular in 2018. Like local community 5401 North (located right off Interstate 540 and US 401) have a variety of homes like townhomes, single-family, local retailers and more. Townhomes are a great option for buyers looking for a price-friendly option. With master planned communities, you can still get a neighborhood feel at a price that works for you.
Team Anderson Realty, located at 209 Alford Street Holly Springs, NC 27540, was established in 2005 and specializes in Wake County real estate. If you or someone you know is looking to buy a home, start your free home search today! Or call us at 919-610-5126 if you are thinking about selling your home to learn about our marketing plan that will get your home SOLD!