According to the National Association of Home Builders, single-family home starts increased 10% last year and are expected to rise another 23% in 2016. That coincides with healthy sales. New home sales grew 15% this year and are forecast to jump 26% in 2016.
Credit will get looser. The average FICO score on all closed loans in third quarter 2015 was 723, the lowest level in four years, according to Ellie Mae. Two years ago the average score for denied applications was 729. After several years of tight credit restriction, the pendulum is inching closer to center. According to Trulia, buying a home is 36% cheaper than renting nationwide and now is the best time to buy since 2012.
What are today’s buyers looking for in new construction? According to a study from Dodge Data & Analytics for the National Association of Home Builders, more than half of builders and 39% of remodelers say they are working on green projects. These percentages are expected to rise over the next five years. Despite the higher costs, homebuilders and remodelers are increasingly incorporating eco-friendly features into projects to meet growing demand largely from affluent baby boomers who prioritize energy efficiency, a healthier indoor environment, and durability.
Designing and building multi-million dollar luxury custom homes is a passion the entire team at Big Island Builders shares. To contact Naples' premier builder call 239.262.6867 or visit their website at www.bigislandbuilders.com