With low interest rates and a low supply of homes for sale, the real estate market remains hot. But even for those looking to build a brand new home, that is something that will take some time.
“We are one of the first ones to move in here,” said Robin Roy, referring to his new neighborhood.
Working from home is a pleasure for Roy and his family. They just moved into their brand new Niskayuna home this February. Roy said the good school district for his daughter was the impetus for the move. They had been looking at homes for months before settling on building one in a new neighborhood last May.
“We had a home before, so we knew the things we like there, so we definitely looked forward to designing our own house,” Roy said.
What You Need To Know
- According to the Greater Capital Association of Realtors, year to date, the median sales price is $237,000, a 13.6 percent increase from this point last year
- George Amedore, president of Amedore homes, estimates it takes about seven to 10 months right now to build, which is about three to four months longer than usual
- He says some of that has to do with the supply chain getting longer and the cost of materials going up
His new house is one of several built by Amedore Homes over the last year. George Amedore, president of the company, said the demand for homes is still strong. He estimates it takes about seven to 10 months right now to build, which is about three to four months longer than usual.
“It’s tough trying to keep up with it at times, only because a company is only as good as its inventory. Lot inventory, especially new homes,” Amedore said.
He said the Harmon Grove community in Niskayuna will have 66 homes. While some residents are moving around the region, Amedore said a good percentage are migrating here from the downstate region.
“This buyer here grew up in the area, moved out of the area, and now coming back to the area,” said Amedore, pointing to a map of the homes sold in the neighborhood.
According to the Greater Capital Association of Realtors, the median sales price for a home hit $250,000 for April, which is a 16.3 percent jump from last April. Year to date, the median sales price is $237,000, a 13.6 percent increase from this point last year.
“I don’t see it coming to an end anytime soon,” Amedore said. “I think that the demand of housing is very strong across the country.”
But the construction of new homes is providing some aid, as the inventory of homes for sale continues to dwindle. Amedore said there have been challenges with the supply chain getting longer and the cost of materials going up.
For now, he and his team are focused on getting as many homes built as quickly as possible, so families like the Roys can start fresh in their new home, too.