TW: Are there any specific market dynamics driving the importance of new homes?
HHC: New construction helps overcome one of the biggest challenges in today’s market, namely, helping buyers feel secure about selling their existing home. There’s a pent-up demand of potential buyers who would like to first sell their current home, but are concerned about where they’re moving to. You may find a great house but due to low inventory of homes available for sale, there’s a good chance many other people are interested in the same home. What’s great about new construction is you know exactly where you’re moving when that home sells.
TW: What trends are you seeing in new construction?
HHC: Let’s face it, new construction excites people. They’re excited about all the possibilities and the potential of what they can have today – including new products and new technology.
One of the trends often discussed is downsizing, but I feel it’s better described as “right sizing.” You have to remember, it’s all market driven. Some buyers are primarily concerned about the resale value of the home, while others have a longer term focus. In other markets, there are expectations buyers have in a new home that may be more important than just the size of the home. They may be willing to go with a smaller home providing the house has all the goodies, such as stainless steel appliances, granite countertops, outdoor areas with a TV and other luxury amenities.
