Low inventory on home resales points buyers to the new home market
American Properties Realty, Inc. says new home inventory at Heritage at Highland Park and Heritage at Middletown is selling quick.
ISELIN, NJ – Extremely limited inventory and low interest rates are making it the ideal climate for sellers, but as residential resales become more and more difficult to find, buyers are quickly tapping into the new home market. American Properties Realty, Inc. has seen this firsthand as its new home inventory is selling faster than ever before.
“Build it and they will come,” said Paul Csik, Senior Vice President of American Properties Realty, Inc. “That’s the hope for anyone in the real estate industry, but in this particular financial climate, the inventory is hot and homebuyers – most notably, millennials, are eager to take advantage of it.”
Mortgage rates sit near historic lows, according to Nicole Friedman of The Wall Street Journal. “Millions of millennials are entering their early 30s, the typical age of first-time home buyers,” said Friedman. “And the pandemic has spurred new demand: Some buyers want more space to work from home while others are willing to move farther from their offices. Many workers who kept their jobs in 2020 were able to save up for down payments due to stimulus checks, forbearance on student loan payments and less spending on travel and entertainment.”
The spring housing market continues to be one of the trimmest and most competitive ones yet. “In many areas of the country, there are half as many available homes for sale than a year ago – and in some markets that number increases to less than one-third,” according to Realtor.com® Chief Economist, Danielle Hale. “Homes will likely continue to sell fast but increasing interest rates and monthly costs could slow the pace of price gains, unless we see a boost in demand from equity-rich repeat buyers.”
Csik says he sees homebuyers experiencing cutthroat bidding wars on resales that they often cannot win. “We all know there is limited inventory out there,” he said. “That’s why purchasing a brand-new home is so rewarding. We have so much to offer at our communities. Our homebuyers will not experience bidding wars or the many disappointments that can come along with purchasing a resale. We strive to make the homebuying experience as easy and stress-free as possible. The best part is our homebuyers get to customize their homes around their lifestyles.”
When it comes to building a new home, another factor to take into consideration is the rising price of lumber. According to Emily Stewart at Vox, the price of 1,000 board feet of lumber has generally traded in the $200 to $400 range. It’s now well above $1,000. “A new house that would have cost $10,000 in wood to get off the ground a couple of years ago now costs $40,000 worth of wood – assuming, that is, you can even get your hands on the lumber,” Stewart said.
For those looking to get into a new home quickly without the fear of rising lumber prices, Csik urges you learn more about the fast-selling communities that American Properties Realty, Inc. has to offer. New home opportunities are currently available at Heritage at Middletown in Middletown, NJ and Heritage at Highland Park in Highland Park, NJ. “Now is the time to make your move,” Csik added.
Heritage at Middletown is a new community of 3-4-bedroom townhomes located at 217 Taylor Lane in Middletown. Priced from the upper $400s, Heritage at Middletown has opened its third phase of homes with furnished models coming soon. Home designs feature three to four bedrooms, two-and-a-half to three-and-a-half baths and up to 2,621 sq. ft. of living space. Construction has commenced on a community clubhouse and decorated models. Those interested can visit https://americanproperties.as.me/schedule.php to schedule a private tour. Be sure to ask about recently released home sites. To learn more, call Kelly Flanagan at 732-533-5150 or email@example.com.
Heritage at Highland Park, a new community of luxury townhomes located a half-mile from downtown Highland Park, is now in its last phase of homes and 75 percent sold out. Priced from the mid 400s, homes feature three to four bedrooms, three baths and a one-car garage. A loft/fourth bedroom option is also available. Quick delivery homes are available. See Sales Manager for details. The Sales Office is open from 10am to 5pm Monday through Wednesday and Friday through Sunday. Private, in-person appointments are available and can easily be booked here: https://heritageathighlandpark-appointments.as.me/schedule.php. To learn more, call Dana Pennock at 732-354-3543 or email firstname.lastname@example.org.
“Anyone interested in purchasing a new home at one of our available communities should reach out to us directly,” said Csik. “Our team is ready to help find you find your dream home.”
About American Properties Realty, Inc.
American Properties Realty, Inc., A Licensed Real Estate Broker, continues its proud 45-year tradition of introducing award winning communities that provide excellent quality, convenient locations and affordable pricing for New Jersey homebuyers. The Principals of American Properties Realty, Inc., have been involved in the creation of over 10,000 residences ranging from luxurious estate homes to award-winning master planned communities of apartments, condominiums, townhomes and single-family homes.