Low inventory on home resales points buyers to the new home market
American Properties Realty, Inc. says new home inventory at Heritage at Highland Park and Heritage at Middletown is selling quick.
By: American Properties Realty, Inc.
"Build it and they will come," said Paul Csik, Senior Vice President of American Properties Realty, Inc. "That's the hope for anyone in the real estate industry, but in this particular financial climate, the inventory is hot and homebuyers – most notably, millennials, are eager to take advantage of it."
Mortgage rates sit near historic lows, according to Nicole Friedman of The Wall Street Journal. "Millions of millennials are entering their early 30s, the typical age of first-time home buyers," said Friedman. "And the pandemic has spurred new demand: Some buyers want more space to work from home while others are willing to move farther from their offices. Many workers who kept their jobs in 2020 were able to save up for down payments due to stimulus checks, forbearance on student loan payments and less spending on travel and entertainment."
The spring housing market continues to be one of the trimmest and most competitive ones yet. "In many areas of the country, there are half as many available homes for sale than a year ago – and in some markets that number increases to less than one-third," according to Realtor.com®
Csik says he sees homebuyers experiencing cutthroat bidding wars on resales that they often cannot win. "We all know there is limited inventory out there," he said. "That's why purchasing a brand-new home is so rewarding. We have so much to offer at our communities. Our homebuyers will not experience bidding wars or the many disappointments that can come along with purchasing a resale. We strive to make the homebuying experience as easy and stress-free as possible. The best part is our homebuyers get to customize their homes around their lifestyles."
When it comes to building a new home, another factor to take into consideration is the rising price of lumber. According to Emily Stewart at Vox, the price of 1,000 board feet of lumber has generally traded in the $200 to $400 range. It's now well above $1,000. "A new house that would have cost $10,000 in wood to get off the ground a couple of years ago now costs $40,000 worth of wood – assuming, that is, you can even get your hands on the lumber," Stewart said.
For those looking to get into a new home quickly without the fear of rising lumber prices, Csik urges you learn more about the fast-selling communities that American Properties Realty, Inc. has to offer. New home opportunities are currently available at Heritage at Middletown in Middletown, NJ and Heritage at Highland Park in Highland Park, NJ. "Now is the time to make your move," Csik added.
Heritage at Middletown is a new community of 3-4-bedroom townhomes located at 217 Taylor Lane in Middletown. Priced from the upper $400s, Heritage at Middletown has opened its third phase of homes with furnished models coming soon. Home designs feature three to four bedrooms, two-and-a-half to three-and-a-
Heritage at Highland Park (http://www.heritageathighlandpark.com/)
"Anyone interested in purchasing a new home at one of our available communities should reach out to us directly," said Csik. "Our team is ready to help find you find your dream home."
About American Properties Realty, Inc.
American Properties Realty, Inc., A Licensed Real Estate Broker, continues its proud 45-year tradition of introducing award winning communities that provide excellent quality, convenient locations and affordable pricing for New Jersey homebuyers. The Principals of American Properties Realty, Inc., have been involved in the creation of over 10,000 residences ranging from luxurious estate homes to award-winning master planned communities of apartments, condominiums, townhomes and single-family homes.