Three years ago, you couldn't open a newspaper without being bombarded by headlines about the poor state of the housing economy and new-home sales.
Nothing was going right for buyers and sellers and it seemed like the market would never get back on its feet. But thankfully nothing lasts forever and it looks like the housing market is headed into a recovery. In fact, according to Re/Max co-founder Dave Liniger, the new housing market may be headed toward a pleasant boom.
“New construction will experience a robust growth in the next decade and account for a significant amount of [real estate] business,” Liniger told RISMedia.
He emphasizes the importance of real estate agents learning to work with buyers of newly constructed homes, who may even dominate the market in coming years.
Even though there has been a crisis in the housing market this decade, the supply of homes available in the United States doesn’t meet the demand, which keeps on increasing. This means that more and more families are building their own homes and new-home builders are expected to exceed 1 million in 2013.
Another demographic contributing to the new-home boom is recent immigrants. Many families that are new to the United States are building homes within their first year of living here — and a number of these households are multi-generational, meaning that grandma, grandpa or both may live under the same roof as mom, dad and the kids.
So expect a trend in not just new homes, but new homes that are built to accommodate several generations of one family, commonly known as multigenerational housing.
“Builders are beginning to prosper again, so agents absolutely need to make sure they are prepared and arm themselves with education in new-home sales,” Liniger stated. So if you’re thinking of building a home in the near future, you can look forward to having a number of informed and ready real estate agents to help you along the way.