Our world and everything we knew as “normal” has changed in 2020. As everyone sheltered in place earlier this year and as we emerge into a different way of life, there are a lot of positive things that have come out of our time “at home.” Economist have recently released reports that substantiate new job growth in many markets, a stabilizing and recovering stock market and the continuance of record low interest rates that are predicted to stay at or below 3% in the coming months. People are re-thinking where they want to live and opting for a quieter lifestyle in the suburbs while families have slowed down their hectic pace and are seeking enjoyment and solace in their own backyards. Gardens and outdoor home recreation areas were the top selling installs over the past 100 plus days. Parents not only survived homeschooling their kids, but also thrived and found new, more creative ways to learn at home. But most importantly, this time left everyone more connected “at home” than ever before in our nation’s history.
With everything that has happened recently, many people have asked, “What’s next”? While our model homesand sales centers closed down for face-to-face visits in March, the reality is we have had the busiest and most productive selling season that we have ever seen. We have interviewed all of our recent buyers extensively and found that the one common thread throughout this pandemic period that they all shared was the driving factor for choosing to build a new home now was simply a one word reply, “home.” Whether it is a permanent work at home situation, having more goods and groceries delivered to home, along with spending more time entertaining groups of friends and family, everyone said they will be doing it more at home. And despite all the uncertainty, real estate has remained a strong stable investment. Inventory in our markets is at an all time low which is creating multiple offers, many over asking price along with decreased days on the market with many of our buyers existing homes selling in a week or less. This unique environment has fueled a stronger confidence in the new home buying market as buyers can design, build and enjoy the benefits of building new.
For those who wanted to take advantage of current rates and immediate move to a new home, many of our spec, model and inventory homes have gone under contract in May or June and we have seen a upturn in working with buyers who own their own lot and have contracted with our company to build their new home. This recent activity is a blessing that will serve as a shining beacon of stability for years to come despite the challenges and changes that came about in 2020.
Petros Homesmodel homes and sales centers are now open to view your way. Visit our website to schedule a virtual, or personal tour or call about a quote to build on your existing lot this year.