Homebuilders Prepare For A Downturn In The Housing Market - Palm Beach County Florida - Real Estate - Positive For Home Buyers

 


November 9, 2022

Homebuilders Prep For Downturn

What Could I Do For You?


A recent article entitled “Homebuilders say they’re on the edge of a steeper downturn as buyers pull back,” by Diana Olick on CNBC, stated homebuilders expect buyers to pullback in 2023. 

Homebuilders are expecting orders to dry up in 2023 as increased mortgage rates dampen buyer enthusiasm. 

Over the past two years home builders had a tough time keeping up with orders for new homes. 

The homebuilders had the “wind at their backs” as home prices increased roughly 40% during the past two years with robust demand; so much so that the article referenced some homebuilders slowing sales in order to keep up with demand, according to the article. 

Homebuilders are now preparing for the next phase. 

The article quotes Gene Myers, CEO of Thrive Homebuilders in the Denver area, “it is definitely a hard landing for housing.”

In addition, National Association of Home Builders (NAHB) is quoted, “sales of newly built homes dropped below pre-pandemic levels in September, and cancellations are now double what they were a year ago.”

The NAHB reported that “one-quarter of builders are now slashing prices,” according to the article. 

I work with home builders who pay my commission and help homebuyers find new construction homes that suit their needs. 

I have access to a database of new home inventory with related information. 

If you are thinking a newly built home might be good for you, give me a call to discuss further. 

Now seems like a good time to be a buyer of new construction homes in our area. 


Michael Friedman

Realtor, Broker-Associate

eXp Realty

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