new homes reno nv | David Morris Group

2020 and 2021 brought changes that nobody was prepared for. As our homes became the epicenter of our lives 24-7, it highlighted areas of our homes that people wished to change. It even had some saving every penny to buy a new construction home, and that housing boom brought some challenges, changes, and new trends. Let’s take a look at how building a home has changed in 2021.

Buying New is More Popular Than Ever

Housing demand has increased far greater than the supply of homes on the market for the last year. The lack of options has made more buyers consider new-construction homes where they may have the opportunity to help decide fixtures, styles, and even amenities the home has to fit their lifestyle.

Prices Have Increased

Material shortages and shipping delays are still occurring, meaning that the cost to build a home is taking longer and comes with a higher price tag. The National Association of Home Builders reports that more than 90% of builders are reporting shortages of essential elements like appliances, framing lumber, and oriented strand board (OSB). They also report that the median sale price for a new home has risen 18% over the past year.

Wellness is a Must-Have

Homebuyers are looking for items in a home that will support their well-being. Everything from energy-efficient features to low-VOC paint is being considered.

Flex Those Spaces

This year has forced everyone to be more flexible, and it’s important to homebuyers that a home is flexible as well. Rooms that could be used as an office, home gym, media room, etc., are moving from a want to a need on home buyers’ shopping lists.

Suburbs > City

The idea of having more space to spread out and enjoy green areas is attractive. Many are looking to leave apartments, condos, and townhomes for a house with a little land. Outdoor spaces are another must-have for many current homebuyers, so new home builds are looking to meet that demand by creating outdoor living spaces or entertainment areas in the backyard.

Privacy Please

With everyone staying at home for longer periods of time, the need for privacy has skyrocketed, and homebuyers are moving away from the open floorplan layout for a more formal layout. The added walls help block out sound and add more privacy to the dedicated areas of your home.

New construction has run into some challenges in the last year, but there are still some beautiful new homes hitting the market. If you’re curious about the latest home trends, the changes to the real estate market, or what homes are on the market, contact the David Morris Group. We’re happy to help you begin your home search. Give us a call at (775) 828-3292.

In a seller’s market, there are more buyers shopping for homes than homes for sale. This generally means that sellers have more negotiating power and can receive the best offer possible. As you might have guessed, it’s best to sell your home when inventory is low and eager buyers are driving prices up, but there are also some things you’ll want to prepare for.

Selling Your Home Quickly

In a seller’s market, the home selling process can move extremely quickly, especially if your home is well-priced. Because of the increased competition, buyers want to move quickly to put in an offer on the homes they like. Waiting to put in an offer could mean that the home they love is snatched up by another buyer, so they make decisions about homes quickly.

Multiple Offers are Possible

The strong competition amongst home buyers means that if multiple buyers are looking at homes in your area, you may receive multiple offers. Multiple offers can drive up the sale price of your home as well as concessions from the buyer that meet your needs and goals, like an extended move-out period.

Issues with Appraisals

In a hot seller’s market, appraisers may not be able to complete an appraisal that properly represents what your home is worth in the current market. Appraisers might be comparing your property to properties sold a year ago or more — sales which will likely be for a lot less than your current offer. If a property doesn’t appraise for the offer price, the buyer will have a lot of difficulty getting a loan for the current offer price. You might be forced to lower your sales price or seek out buyers who are paying cash and do not need the approval of an appraiser to complete the deal.

Closing Delays

Often in a strong market, a buyer may try to expedite the loan process. Promising things the lender cannot deliver due to other factors such as appraisal delays, three-day TRID rule, survey delays, and delays getting title work back. Be patient and understand the buyer wants to close on your house as quickly as possible but is usually at the mercy of the loan and title company.

If you have questions about buying or selling a home or you simply need help understanding the current real estate market, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

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2021 New Home Build Trends and Changes