An unexpected occurrence has developed since the housing crisis of the Great Recession, when a huge number of U.S. residents lost their homes to foreclosure. Others saw the market value of their home plummet, leaving them owing more on the mortgage than the property could be sold for. Today, the dominant problem is a shortage of new Homes For Sale in Fort Wayne and elsewhere for people who would love to buy a house nobody has ever lived in before.
Ten Years Ago
Ten years ago, houses sat empty for months after foreclosures. Brand new houses that had been built on spec, or without an order from a residential property owner, couldn’t be sold in certain parts of the country. Although many U.S. residents have sworn off home ownership and have chosen a safer route with renting, those who want to buy a new house already built are having trouble doing so.
Long-Lasting Effects of the Great Recession
Many home builders lost their business because of their overly optimistic viewpoint before the Great Recession. Left with numerous houses they couldn’t sell at a profit, they gave up the construction business and changed careers. The builders who remain are more conservative, not constructing large numbers on spec. Yet people can find new Homes For Sale in Fort Wayne if they keep an eye on the real estate market. Some prefer ordering a custom home to be constructed, but then they cannot move in right away.
Another factor on the construction side of the equation is the wariness of banks to lend money. Banks experienced significant financial trouble due to the housing implosion, and their lending practices have tightened up dramatically. That leaves small businesses in particular having problems getting the cash they need to build numerous houses on spec.
Finding a Brand New Home
Men and women who are interested in buying a new house that has already been constructed may contact a contractor such as Lancia Homes. They’ll be able to view houses in person, and see the communities and floor plans on the website. This option will help them make their dreams come true. You can follow them on Pinterest.