Reuters recently published an article “New Home Sales Up, Inventory at a 43-1/2 Year Low.” Although the headline hints that theres is hope for the
Richmond real estate market, the underlying message of the headline should raise a few questions.
Why is the inventory of new homes so low? Here are some thoughts:
The inventory of used homes in the market is extremely high at present. To keep ourselves on the same page, calling a home a “used home” means that it was built using yesterday’s construction methods and technology, non-current energy efficiency standards, yesterday’s curb appeal and has the feel of a hand-me-down. Purchasing a used house is similar to purchasing a used car; buyers are afraid of becoming stuck with the problems that made the original owners sell the house.
So how does this affect me?
Builders, like many Americans, are currently short on cash and are unable to build new homes as quickly as they once were. However, this is not the case with
Richmond home builder Boone Homes. Even in times of financial crisis, Boone is still building new homes for buyers. Every one of these luxury homes are constructed with the latest technology and methodology and boast today’s latest in energy efficiency.
To find out more about
Boone Homes and their new homes, visit their website. For a customized appointment and tour, call Chris Parks at (804) 218-7760.