June 24, 2021
New Home Release Day's Coming Soon!
If you’ve been watching the housing market over the past year, you’ve seen a surprising rise in home sales. The demand has nearly eliminated the inventory of available homes and sparked bidding wars. The trend doesn’t appear to be slowing down anytime soon. To make it easier, Hunter Quinn Homes has introduced a process that simplifies new home buying with our New Home Release Day.
What’s happening in the housing market?
Home buying has changed since the pandemic. More people want to buy a home, inspired to no longer accept the limitations of their current one (a result of the abundance of sheltering at home for so long).
According to the National Association of Realtors, 5.64 million existing homes and 822,000 new construction homes were sold in 2020. That’s the highest number of home sales since 2006, two years before the housing bubble burst. The 2021 housing market is likely to keep up this pace.
Prior to this current rush to buy a new home, you could expect a reasonable supply of available homes for sale—on average, six months of inventory. Right now, many areas are down to less than a three-month supply, based on current sales numbers.
The result is that home buyers are entering into bidding wars. It’s not unusual to see a line of prospective buyers outside an open house, with many homes selling the same day or soon after—and for an amount significantly above the asking price.
How is new construction keeping up?
When the pandemic shut down non-essential businesses, residential construction was halted in many states. When building businesses were able to reopen, we had to limit the crews to ensure their safety and adhere to CDC guidelines. Understandably, some workers were uncomfortable about returning to work, which caused a labor shortage.
The work shutdown also impacted manufacturers of building supplies. The price of lumber, for example, has jumped more than 200% from May 2020, adding about $36,000 to the construction of an average single-family home, according to ProBuilder.
The increased strain on supply chains for things like appliances, manufactured lumber products, and windows has caused delays in new home construction, too.
But…Hunter Quinn Homes was already planning new communities and homes before the pandemic. Our growth has been consistent since our beginning. While the unprecedented demand for new homes for sale has certainly driven us to find ways to overcome the obstacles, we also want to continue to give our customers the quality that has been the benchmark of our design, construction, and personal service. And that’s why we are introducing New Home Release Day.
What is New Home Release Day?
Hunter Quinn Homes is now offering new homes for sale when they are close to completion, rather than accepting contracts. The reason is that the outlook in terms of construction delays and price increases is nearly impossible to predict right now. The last thing we want is to tell a buyer their home won’t be ready on schedule or the price has increased because of situations beyond our control.
Hunter Quinn Homes’ leadership team got together to come up with a solution. New Home Release Day gives interested buyers the opportunity to walk through a home that is about 30 days from completion. The cabinets are in, and only the finish work remains.
At this point, we can be sure of the completion date and the costs incurred in building this home. There’s no guesswork!
When you come to New Home Release Day, you’ll see the minimum offer we will accept for the home. You have the opportunity to make an offer. The new home will be sold to the buyer with the best offer.
We plan to have several new construction homes available in each of our communities. We’ll continue to build new homes for sale in the Charleston and Greenville South Carolina areas. Make sure you hear about our New Home Release Days by signing up for Hunter Quinn Homes’ VIP List.
New Homes are Coming...