It’s no secret that the housing market – in St. Louis and across much of the country – is out of balance.
Estimates in various markets show there are as many as five buyers for every home on the market. Competition for homes has reached levels not seen in decades, and homes are routinely selling above asking price, often with “as is” or “no inspection” provisions in sales contracts.
The heavy demand coupled with low supply means prices are being driven upward rapidly. A recent study by the Missouri Realtors Association showed housing prices in the area increased by 21% from April of 2020 to April 2021. And remember, prices were on the rise in early 2020.
Avoiding A Bidding War
There are options available to buyers who want to move into a new home without rushing to make offers and/or to get into bidding wars with competing buyers.
While the supply of homes is short, demand for open land or buildable lots has not increased appreciably in the recent past.
As a result, prospective home buyers should give serious consideration to building a new home. Taking this approach means avoiding the rush to find a home that meets your needs and not having to pay exorbitant prices to get that home.
Find a suitable location and then find a builder – it can be that simple.
New Home Build Advantages
There are several advantages to building a new home.
First, building a home means buyers are getting exactly the home that meets their needs and budget. Everything from architecture to amenities, materials and custom features can be included in the new home.
Second, buyers who are interested in building are not trying to outbid competing buyers; these buyers are only working with a builder on the price of construction. As a result, these buyers often can have a new home built to their specifications at a significantly lower price than that of an existing home.
Finally, these buyers can choose a builder with whom they are most comfortable and confident.
The Right Builder Matters
Prospective buyers of new homes should take the time to evaluate and select the right construction company.
While there are many home builders working in the St. Louis area market, it’s important to understand that in these instances, the buyer is not just finding a builder.
Instead, they’re hiring an architect, engineers, designers and construction craftsman.
As a Design and Build construction company, Agape Construction offers every construction service needed to take a new home from vision to move-in day.
Agape also smoothly coordinates an entire home construction project, working with professionals and homeowners to ensure the project is done on time, on budget and exactly to the wishes of the homeowner.
For more information on custom new home construction, contact us today!