{"id":21063,"date":"2022-09-22T12:41:57","date_gmt":"2022-09-22T12:41:57","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=21063"},"modified":"2022-09-22T12:41:59","modified_gmt":"2022-09-22T12:41:59","slug":"builders-aim-to-win-buyers-back","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/builders-aim-to-win-buyers-back\/","title":{"rendered":"Builders Aim to Win Buyers Back"},"content":{"rendered":"\n

Builders Aim to Win Buyers Back<\/p>\n\n\n\n

Even as demand for new homes fizzles<\/a>\u2014about a quarter of homebuilders are reducing their prices to attract more buyers as foot traffic falls\u2014single-family construction jumped 3.4% in August, the Commerce Department reported Tuesday. Economists are calling it a \u201csurprising bounce back\u201d after five consecutive months of declines.<\/p>\n\n\n\n

Still, builder sentiment fell in September to its lowest level since 2014, according to data from the National Association of Home Builders. Rising mortgage rates, which topped 6%<\/a> last week, and construction delays due to supply chain disruptions are among builders\u2019 top concerns, the NAHB\u2019s report shows. More than half of builders surveyed say they are using incentives to bolster sales, including offering mortgage rate buydowns, free amenities and price reductions, according to the NAHB\/Wells Fargo Housing Market Index.<\/p>\n\n\n\n

Talking Points to Calm Consumers\u2019 Housing Bubble Fears<\/a><\/p><\/blockquote>\n\n\n\n

Lawrence Yun, chief economist for the National Association of REALTORS\u00ae, lays the blame for the new-home market\u2019s slump squarely on mortgage rates. \u201cHowever, this month\u2019s increase in housing starts implies that builders still see profit opportunities, even as they concede on prices,\u201d Yun says. \u201cMaterial prices, including for lumber, have been moderating, and fully completed homes are selling fast.\u201d Unfinished homes that remain under construction are the ones sitting on the market for long periods, Yun adds.<\/p>\n\n\n\n

The NAHB agrees with Yun\u2019s assessment. \u201cBuyer traffic is weak in many markets as more consumers remain on the sidelines due to high mortgage rates and home prices that are putting a new-home purchase out of financial reach for many households,\u201d says Jerry Konter, the NAHB\u2019s chairman. \u201cIn another indicator of weakening market, 24% of builders reported reducing home prices, up 19% last month.\u201d<\/p>\n\n\n\n

NAHB Chief Economist Robert Dietz adds that the \u201chousing recession<\/a>\u201d shows few signs of abating as builders continue to grapple with elevated construction costs and buyers now face 6% mortgage rates.<\/p>\n\n\n\n

Home building permits\u2014a gauge of future construction\u2014fell in August to the slowest pace in more than two years, the Commerce Department reports.<\/p>\n\n\n\n

Multifamily Properties Continue to Shine<\/h4>\n\n\n\n

Meanwhile, multifamily construction climbed to its best monthly performance in 35 years. \u201cApartment demand has been strong, with rents rising at a historically high pace,\u201d Yun says. \u201cThose consumers unable to qualify for a mortgage at higher interest rates are renewing their rental leases. Job creation is also boosting the rental demand.\u201d Construction on multifamily dwellings surged 28% in August to an annual pace of 640,000 units, the Commerce Department reports.<\/p>\n\n\n\n

Still, builders remain worried. The Federal Reserve meets on Wednesday and is expected to raise its benchmark interest rate by another 75 basis points in an effort to tame inflation. Housing analysts are concerned about the further impact that could have on mortgage rates.<\/p>\n\n\n\n

However, some economists point to the stubborn housing shortage as a saving grace that could keep the real estate market from a deep downturn. By some estimates, the nation was short about 5 million homes before the onset of the pandemic. \u201cThe shortage is not going away soon,\u201d Yun says. \u201cThe near-term single-family outlook is complicated due to high mortgage rates. But the long-term outlook for homebuilders is bright due to the need to build more to fully relieve the housing shortage.\u201d<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Builders Aim to Win Buyers Back Even as demand for new homes fizzles\u2014about a quarter of homebuilders are reducing their prices to attract more buyers as foot traffic falls\u2014single-family construction jumped 3.4% in August, the Commerce Department reported Tuesday. Economists are calling it a \u201csurprising bounce back\u201d after five consecutive months of declines. Still, builder … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-21063","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBuilders Aim to Win Buyers Back - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/builders-aim-to-win-buyers-back\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-aim-to-win-buyers-back\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-aim-to-win-buyers-back\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Builders Aim to Win Buyers Back\",\"datePublished\":\"2022-09-22T12:41:57+00:00\",\"dateModified\":\"2022-09-22T12:41:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-aim-to-win-buyers-back\\\/\"},\"wordCount\":550,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-aim-to-win-buyers-back\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/builders-aim-to-win-buyers-back\\\/\",\"name\":\"Builders Aim to Win Buyers Back - 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