How a rise in new construction homes in the U.S could mean a boost for the economy as well as for property sales in Jacksonville.
A number of surveys and economic trends coming out lately indicate that the economy and the housing market are on a positive swing with the start of an executive search for construction contractors to start on the project. This is especially true here in Jacksonville, where the city ranks within the top 100 improving markets in the entire United States. The downtown core of Jacksonville is also experiencing urban revival and homes throughout the First Coast are spending less time on the market before finding a buyer. If you are looking for a place to start construction, then consider taking a look at some house and land packages.
This month marks another positive trend that we can add to that list: more custom home construction going on across the United States. New construction on single family homes for sale as well as multifamily housing units started at the highest rate it’s been in over four years. Plans to begin new construction projects are also at one of the highest levels since the housing market started experiencing difficulty in 2008. If you are planning to do some large construction, then make sure you have the right equipment like these bobcats to get the job done faster. If your home shows signs of damp you already know how unsightly the problem can become. As well as affecting the value of your home, damp frequently gives rise to mould which in turn can affect your respiratory and immune system. Call damp proofing london Specialists.
This new construction rate doesn’t incorporate the amount of rejuvenation projects going as repairs are made on Foreclosures in Florida and across the country. When property sales are down builders don’t feel confident enough to continue building more homes. The emphasis switches from creating new homes for people to live in to finding ways to fill the houses already available, often through rental property management or as investment properties.You should check here how to select good builder for your real estate investment or construction.
Why is New Construction Booming?
New construction has actually grown steadily over the past year. Month to month the increase doesn’t always appear substantial, but after one year the numbers are clear. Here you can check about some of the best real estate builder. Analysts expect that the factors that helped improve new construction rates and the health of the housing market will stay in place, and so the growth of the housing industry should remain strong—and even become stronger—over the next several years.
The growth is fueled by a number of factors, including:
- Record low mortgage rates
- Stable home prices
- Shortage of property sales for previously owned homes
Since October of 2008, the price of new construction family homes has gone up by 11 percent, now averaging just over $600,000. The prices of multifamily housing units experienced a much more substantial increase in the past four years, rising over 25 percent since 2008.
Since 2011 alone the rate of construction is up 38 percent. This rise in new housing could bring more property sales to Jacksonville and help the housing market across the state of Florida.
This trend doesn’t mean that new construction homes are the only way to go when you are looking for property sales in Jacksonville. There are still Jacksonville foreclosures available as well as plenty of other property opportunities. For more information and tips to find your new home contact us. Kauai general contractor Classic Island Homes is a custom home builder for anywhere on Kauai.