With the housing market on the up and the current supply of homes at a 12-year low, there is only one thing to do: build more homes! Housing construction companies across North Texas are doing just that. Due to the new demand for houses in bulk, neighborhoods are rapidly increasing in size at the hands of local builders.
Many custom home builders have opted to start purchasing old homes in some areas to build new houses. Builders and buyers alike are pleased by the recent upturn in housing construction. One builder in the Dallas-Fort Worth area even commented that their company is expecting starts upwards of 80 homes this year, around twice as many as they did in the previous year.
Some areas are seeing more explosive growth than others. Many areas saw anywhere between 10 and 15 new home starts in the past months, which is still well above average for the last few years. However some of the “close-in” neighborhoods are seeing considerably more development by sellers who are capitalizing on the now less than four-month supply of pre-owned homes on the market.
While home construction is looking up in the Dallas-Forth Worth area, it is still not at the levels it once was before the housing crash. Even University Park, an area that wasn’t severely affected by the housing bubble burst, saw only 48 home starts in the first quarter of 2012, when in 2006, the number was closer to 140. Many custom home sellers report that it is not for lack of demand that starts aren’t at the same levels they were six years ago, but because the teardown market, that is houses that are set to be demolished and replaced, is still rather weak due to the influx of buyers looking to purchase a property as soon as possible.
If you’re considering the purchase of a freshly built Erath County home for sale, give us a call! We’ll find the perfect new home for you.