Fresh Starts: Considering New Construction Homes

If you're on a quest to find your dream home in Southern Maine, you've probably noticed that the pickings are somewhat slim. It can be frustrating when your property search yields limited results. However, there's a gleaming beacon of hope: new-home construction.

An article from the National Association of Realtors (NAR) shares:

"Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season... Meanwhile, the market for new construction is a bright spot."

This shift toward newly built homes brings some much-needed relief to the homebuyers.

New-home completions, a metric that refers to homes that are built and ready for occupancy, paint an encouraging picture of the housing market. For a historical perspective, let's take a glance at the graph below which illustrates new-home completions over the years:

Prior to the 2008 housing crash, builders surpassed the long-term average (represented in black), resulting in a surplus of homes (shown in orange) and subsequent drop in home values. Since then, the rate of new-home construction dipped below the average (indicated in red), leading to a multi-year inventory deficit and today's low inventory.

However, we are seeing a turn of the tide. Recent data from the Census (highlighted in green) shows builders are meeting the long-term average, signaling an increase in new homes hitting the market.

Moreover, residential starts and permits, signifying the commencement of construction and planned construction respectively, are on the rise. This uptick indicates more newly built homes are in the pipeline.

What Does This Mean For You?

This boost in new construction expands your choices. If you need to move immediately, reach out to a local real estate professional like myself to discuss recently completed homes in areas like Scarborough or Portland. A move-in ready home might be just the ticket.

Alternatively, if you have some time and fancy the idea of tailoring a home to your specific taste, you might want to consider homes under construction. By choosing a home that's still being built, you'll have the chance to influence the design and finishes. In the face of limited housing choices, this could be a perfect solution.

A knowledgeable real estate agent can offer valuable guidance throughout this process. They'll have the lowdown on what's available in your preferred neighborhoods, matching the options with your unique needs and preferences.

In a Nutshell

If the slim housing inventory in Southern Maine has left you feeling stuck, why not turn your gaze toward new-home construction? I'm here to navigate the conversation and ensure you have a market expert by your side. Let’s connect to explore your options.