Kansas City Sees a Surge in New Home Build Purchases
A swing in preference among potential homeowners
In a period characterized by steady interest rates, currently stable at around 7%, and a lack of housing inventory that is causing stir across the nation, potential homebuyers in Kansas City are adopting a fresh perspective and turning to properties that were previously left unconsidered — brand-new builds.
Newly constructed homes and neighborhoods are increasingly catching the eye of potential homeowners, who are often pleasantly surprised at what they find. “It’s awesome,” voices Kristy Kenney, one homeowner-to-be, standing outside her soon-to-be residence. “I looked at some newly built homes and I absolutely loved them. They weren’t really that expensive for a brand-new house.”
Trends Reflect Consumer Shift Towards New Builds
The U.S. Census Bureau and Department of Housing and Urban Development’s most recent monthly report disclosed that new-home sales in March had increased by a noteworthy more than 8%. This was in stark contrast to the almost 4% decrease for existing homes that was registered in the same period.
Builders and real estate developers have been paying attention and are focusing on providing lower-cost options to entice first-time homeowners and those keen on experiencing the joy of a brand-new home. Why the sudden shift in preference? Shawn Woods, president of a prominent home building company, explains: “One of the best things in a community is to construct affordable properties where residents can invest in a home.”
Building Affordable, Desirable Homes
Ashlar Homes, one of the builders at the helm of this new housing wave, features homes in specific neighborhoods that begin at a reasonable price of $289,000. By offering a selection of pre-determined, prefabricated options, builders are able to keep costs down while still providing high-quality, brand-new homes.
Woods shared that one of the significant challenges builders face is municipal regulations. Often, he explains, local government bodies want more considerable, more feature-rich homes, overlooking that the housing system functions as just that, a system. There must be a range of high to low-priced properties to cater to various buying capacities and allow room for growth.
This Kansas City property trend makes for an interesting shift in an increasingly dynamic housing market. As more potential homeowners start considering new builds as viable living options, one can expect more shifts in property trends as the housing market reacts to these changes.
