Economists Predict a Strong Year for Housing in 2015
An improving economy, low mortgage rates, larger household formations, and pent-up demand will help increase single family home production in 2015, according to economists who participated in the NAHB Fall Construction Forecast Webinar last month. A recent article in Floor Daily highlights the reasons for this optimism and more positive news for the new home industry
The National Association of Home Builders’ Chief Economist David Crowe said, “Single-family builders are feeling good. They are not overly confident, but confident enough to keep moving forward”. Crowe added that the single family housing will finish out the year much stronger than it began and set the stage for a robust 2015. Crowe also says this is mostly due to significant pent-up demand and steady job and economic growth that will allow trade-up buyers who have delayed home purchases due to job insecurity to enter the marketplace.
Recent sales success in Founders Pointe in the last six weeks reflects Crowe’s comment where East West Realty reports the sale of three Showcase Homes and several presales on premium lots. Founders Pointe is a new waterfront community near Smithfield, VA and features resort style amenites and waterfront lots along Batten Bay and the James River.
Even though it’s November, new home activity is certainly up at Founders Pointe with 16 new homes currently in different stages of construction – eight new homes are currently sold, and another eight new homes under constuction are available for sale. (Home values range from the $390’s to over $800,000.)
Donita Frantz, a new homes REALTORÂ® with East West Realty said she has noticed a renewed confidence in her buyers in recent weeks. “Many of our buyers have been waiting for years to buy a new home and they realize that now is the time.”
The National Association of Home Builders expects new home starts to increase this year by 6.6 percent up to 991,000, as reported by the Floor Daily article. The NAHB also expects single family production to increase by 2.5% this year to 637,000 units, rise an additional 26% in 2015, and is projected to reach 1.1 million in 2016.
New waterfront homesites are now available on Batten Cove, Settler’s Ridge, and Ships Landing in the new section of Founders Pointe. Discover spectacular views across Batten Bay and the James River. Residents enjoy the 844′ Observation Pier which gives them access to the water and breathtaking panoramic views.
Mark Edwards, new homes REALTORÂ®, says East West is fortunate to have the best builders in Hampton Roads building their showcase homes in Founders Pointe. We are the only new homes community with Featured Models by eight different builders. Sasser Construction, the Southern LivingÂ® Custom Builder of the Year in 2010, is completing a furnished model home in the new section and opens in December.
(Several builders have just completed homes under contract- Stephen Alexander Homes, Sadler Building Corporation, Sasser Construction, Norman Miller, and Hohmann Builders. Allen Parker Builder, Birdsong Builders, Newhall Construction, ABT Custom Homes, and Sasser Construction are all building brand new models for sale from $434,900 to $659,900.)