New construction home sales are down 17.6% from a year ago and homebuilders say they are on the edge of a steeper downturn (probably in January 2023) as buyers pull back. Increasing rates have drastically slowed the new construction sales market and strategies of nearly every builder.
Silver Lining: Cheaper Countertops!
Markets are tanking and inflation is on fire, but if you’re remodeling your home kitchen or bath, now is a great time to get your countertops. Though many will delay the pleasure of having a newly built home and being the first occupant of the home, you will soon be able to remodel you kitchen and bath and get new countertops on the cheap.
Demand for New Home Construction is Falling
Sales of newly built homes fell 10.9% in September compared to August per the Department of Housing and Urban Development and Census Bureau. Housing starts for single-family homes dropped nearly 19% year over year in September, according to the U.S. Census. Building permits, which are an indicator of future construction, fell 17% too.
Since demand for homes is down, it will home buyers more bargaining power. But if you are also too worried to purchase a new home, you will also have more bargaining power when purchasing Silestone or any other countertop to refresh your home.
The Downside of The Latest New Home Construction Boom
While it is exciting and comforting to live in a new home, sometimes newly built properties don’t have the highest quality appliances, countertops or finishes. It is common for builders to use basic materials to keep their costs down especially in times of irrational exuberance and the recent glut of bland taste in the white-grey-black trend of late. DON’T GET US STARTED!
Instead, Get The COUNTERTOPS You Really Want
