As the economy improves, real estate is buzzing in the Triangle area. Builders are continuing to apply for new permits and I have seen a lot more contractors on site in neighborhoods throughout Raleigh, Durham and Cary.
New Construction Home Types: The types of homes being built include townhomes, starter homes and luxury homes. Builders have gone into developments that stalled during the economic downturn and have bought up the vacant lots. That is great news for homeowners who have been living with their neighborhoods partially completed or feeling like a ghost town.
National builders like Pulte, David Weekly and DR Horton have been busy in 2012 building homes in those communities. Custom builders have also been busy with buyers who are now ready to build their dream home.
2013 Construction Plans: Plans for more development will continue in 2013. Controversy still surrounds development in the Southpoint Mall area off Hwy 751 where 2 developers are working with the city and county to build new residential developments.Apex, Holly Springs and Fuquay Varina are busy with new development as the southern extension of I-540 is opening in those areas.
Standard Pacific Homes is just one builder building in Wake Forest in 2013. Del Webb is getting started on their new active adult community near Brier Creek which will be very active for 2013.
New Construction Buyer Representation: Having a buyer agent’s representation continues to be very important – see my previous blog post for a detailed explanation. Builders are offering a rotating incentive of either closing costs, lot premiums or free upgrades.
2013 Construction Trends: Finally, an important trend to note is having an extra guest room or flex space. Many new homes are being built with a room on the main level that has a full bath so it can be used as a guest suite. 3rd floor finished space is much easier for resale if the 3rd floor has a full bathroom so the room can be used as a bonus room or additional bedroom.
Buyers are seeing the value of these flex spaces for visiting family, combined households, or having a first floor suite for recovering from medical procedures.
How about you? Are you seeing more new construction homes in your area as well? Feel free to comment below or call / text me at (919) 818-5001.