A title in a recent article posted on Reuters read “New Home Sales Up, Inventory at a 43-1/2 Year Low.” While the increased sales is an encouraging headline, the backside of that headline should prompt some questions.
Question #1: Why is inventory for Richmond new homes so low?
I believe there are 2 answers to this question:
Answer #1: Used home inventory is excessively high. Why? It’s similar to purchasing a car: Not many people get excited about buying a used car because they know they inherit the problems others left behind. Consider the foreclosed or distressed homes that are flooding the market. The ailment for owners of a home in this desperate condition is, in many cases, marginal at best. On the other hand, a used home without a seller in the financial dunk tank is usually a used hand-me-down no longer suited for the needs of the current user. The description of a used home, to clarify terminology, means it was built with yesterday’s technology and construction methods, has yesterday’s energy efficiency, yesterday’s curb appeal and was previously enjoyed by someone else.
Answer #2: Builders are strapped for cash and cannot build new homes.
Question #2: How does that affect me? There is only one answer for this.
If you want a new home, then you need to consider a Boone Home in one of our luxury planned communities. Boone Homes, a Richmond home builder, is still building and strong, even when most other builders cannot. The luxury homes, in each of our planned communities, have the latest construction technology, methodology and energy efficiency.
Come visit one of our luxury new home communities in Richmond today. For a personalized appointment and tour call Chris Parks at 804.218.7760, or visit the Boone Homes website for more information on the new homes and plans.