Mortgage and Real Estate Blog

Lately, there’s been plenty of real estate news that is focused on dropping home values, an increasing number of foreclosures and stagnant sales. However, when you take a look at some of the more recent real estate news, one of the things that you are going to see is that there are fewer new homes being built. Not only are contractors receiving fewer inquiries, but also there are fewer permits being issued for new building projects.

Those who are thinking about building a dream home are going to find that there is one benefit: they will be able to do more to negotiate a great contract price with builders out there. The downside, of course, is that there are going to be suppliers who are upping their prices to try to make up for the slow period. Some contractors and developers are finding themselves in a position in which they are lowering the prices on projects that they’ve finished where the sales have fallen through - something that’s also decent news for those who are looking for the chance to buy a brand new home.

Overall, however, the news that new construction is slowing down is not great for the real estate industry on the whole - it becomes another indication that the market for homes is slowing down. After all, it’s a sign that, in addition to existing homes being on the market, there really isn’t a need to build additional properties. One can hope, however, that more buyers looking at existing homes will be better news for sellers.

This entry was posted on Thursday, January 22nd, 2009 at 9:20 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.