It is springtime, and prospective home buyers are emerging to find new places for themselves and their growing families. The big difference between 2021 and almost every other year is that a good portion of home buyers are looking for new construction. Property investors are listening, and are making plans to meet their demands.
The Pandemic and the Desire for New Construction
In a way, the pandemic was the major motivation behind the demand for new construction, and it all started in the cities. People did not want to get sick during the pandemic. Many people inhabiting cities or living in apartments did not like being in close quarters with strangers, which increased the likelihood of getting sick. Add to that the fact that older apartments were not fitted with the proper air filtration systems, or were simply recycling the same air throughout the building, and the net result was a lot of people looking to live in the suburbs, or even finding places in rural areas. Because so many people had transitioned to remote positions, it was now possible to look for new homes.
However, a lot of prospective home owners did not want to purchase previously lived-in homes. New construction was cleaner, more practical, and had a positive psychological impact as a means of getting a fresh start, while getting away from the pandemic.
Believe it or not, many home buyers were ready to purchase new houses at the start of 2020, and then the pandemic hit. In that time, many families have experienced new additions, or there are children on the way. In short, the lockdowns, trying to juggle school, work, and family life made people realize just how small their current apartments and homes really were. Now they are seeking new construction with ample space for kids to attend classes online, office space for remote work, and living space – all without overlap. People also want new construction that is forward-thinking. Smart homes, anti-microbial filtration for central AC systems, and energy efficient homes top the list of what home buyers are looking for in 2021.
Financing New Construction
Golden Century Lending provides financing solutions to commercial real estate investors looking to erect new construction. To get the financing you need, contact our offices today.