It’s no secret that new homes are nicer and more valuable than previously lived in homes. Newly built homes in Bayside are considered as even more valuable for their ideal coastal location and vast neighborhood amenities. New reports released by John Burns Real Estate Consulting suggest that new home prices are expected to rise and these homes will continue to increase in value over the next couple of months.
Home values will improve because the prices of ready-to-build lots have increased greatly this year. The lot price where a home will be built accounts for 22 percent of the final home price. In 27 of the leading markets in the United States, the average price for a lot that was ready for development was up 40 percent in the second quarter, compared to a year ago.
A limited supply and a greater demand for new homes are responsible for driving lot prices up. David Crowe, chief economist for the National Association of Home Builders says that the jumps are “making up for lost ground.” Essentially, though the prices are rising, they’re really only catching up to what’s considered healthy for the housing market.
As lot prices have risen over the past months, it won’t take long before we see that impact on new home prices. The new home market is made up of mostly second-home buyers who are interested in purchasing a nicer home to spend their vacations or retirement. Rising prices and values, as well as an increase in demand, will prove how great of an investment a new home will be.
This is why buying a home in Bayside is the smartest decision someone can make – especially in today’s market. With home prices expected to rise even more in the future, homebuyers can buy early at a lower price, putting money in their pockets.
Bayside also presents an exclusive opportunity for homebuyers to live in a community that is regarded as the best on the Delaware coast. Our Jack Nicklaus Championship Golf Course is the first in the state and our classic beach-style homes are built by the best. Homeowners can enjoy their beautiful new home with friends and family all through out the year, all while watching their investment grow!
Source: USA Today Money