Finding new construction homes in Leander, Texas isn’t easy. Builders have not been able to keep up with buyer demand. For every new home there are perhaps 5 buyers waiting to make a purchase.
For the last 10 years builders have not kept up with buyer demand in Austin. The Austin MSA sees a population gain of about 150 people per day. Many of those are moving to Austin from more expensive areas like California. The prices in Austin still look affordable to those buyers.
Austin has a strong economy, a strong job market, great weather, exciting entertainment, couple with the fact that Texas has no state income tax.
During the Pandemic in 2020 buyers who could work remotely decided to move to Austin. By the end of 2020 builders sold out of homes under construction. For a few months it was impossible to go under contract to have a home built. Builders created waiting list with hundreds of buyers hoping to get a home.
Since then, most builders abandoned waiting lists and instead offer only inventory homes. What that means is the builder starts the home, selects the most popular options, and only offers the home for sale when it’s about 60-90 days from completion. This way the builder can better manage their costs and streamline the process.
With builders only releasing a handful of homes for sale each month, buyers are falling over each other to get one of those homes.
I am a real estate broker and I often work with buyers looking for new construction. Last week I took my buyer to 3 new communities and we met with four different builder’s salespersons. The lack of inventory was appalling. One home under construction was appealing, but my buyer wanted to see one other home.
After seeing the last home, my buyer decided to sign a contract for the home they liked. Unfortunately, another buyer had come in right behind us and signed a contract already. It was disappointing.
Please watch this week’s video as I give you a behind the scenes look.
