Posted in: New construction, Buying a home, Market insights

Why Minnesota buyers should be thinking new construction

Why new construction

Today’s inventory shortage means that buyers are forced to compete for quality listings. But what if you could avoid the hassle of multiple offers, and still get the home of your dreams? That’s where new construction comes in.

Certain places, like the Twin Cities metropolitan area, have seen a boom in home construction as a response to the low levels of inventory. Experts note that adding to the inventory not only gives buyers more options, but it also helps sellers become more confident, knowing they will have a place to go when their home finally sells. 

“By working with a REALTOR®, new construction buyers can connect with a variety of builders to ensure they’re getting the best fit and value,” said Jim Young, a regional manager for Edina Realty. 

“For move up buyers, it takes the stress out of looking for a new home after theirs has sold. Their new home will be move-in ready, with everything custom-built and fit to their high standards.”

Thinking of new construction? You’re in luck – the Builders Association of the Twin Cities recently showed that their number of planned units in January 2014 was up 51 percent over the previous year. It seems that the best way to combat this inventory shortage may be to build new homes across Minnesota and western Wisconsin. 

Reach out today to talk with a new construction expert. 

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings