Is the Building Boom About to Bust?
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My wife and I signed on the dotted line to buy a new home in Hampton Lakes back in November 2020. We moved in in August 2021. During that time period home demand was high. The salesmen were only allowed to sell 2 homes a month because of supply issues. Our closing was delayed from June to July to August because the were waiting on trusses and then windows. We sold our home in Arizona on the first day it was on the market. We had a little bidding war between two buyers. We ended up getting a lot more for our house than we would have just a year before! Its about time my wife and I bought something low (the Hampton Lakes home) and sold high (the Sedona House)!
Builders built spec homes and auctioned them off for high prices! For a while prices on new homes stayed the same, but the lot prices skyrocketed! Then the home prices went up too! I think that’s all leveling out now. The developer here, and I guess Pulte and Lennar, want to get approval to build another 500 homes in our neighborhood and build some apartment buildings and maybe more condos too. If the housing market slows down and maybe even crashes, how long are we going to be in a state of perpetual construction? Another 20 years?
The original developer went bankrupt in the housing crash of 2008, just three years after this development started in 2005. So things have been pretty quiet here for the last 15 years. It finally started taking off in the last couple of years, but it may be beginning to slow down. Click here to take a look at an article by CNBC for their take.
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