When my husband and I realized last summer that, since we both work remotely, we could live anywhere, we first decided to move to Colorado and pursue a new build. We found many listings for “new construction” communities with images of beautiful new homes that were supposedly “ready to build.” We thought it would be easy to pick a home and get it built. It wasn’t until we found a realtor and started looking for a homesite that we realized how misleading “ready to build” was.
There was a time you could go into an advertised new neighborhood and pick your lot, choose from a selection of floorplans, then create a semi-custom home by making certain choices like the kitchen cabinets, countertops, and flooring. That’s what we were hoping to do. But now, unless you have nearly $1 million to spend, there are no “ready to build” homes.
At first, I, like so many other people, started looking on apps like Redfin and Zillow. We quickly found a community in Colorado that we fell in love with; its homes had a floorplan with everything we wanted. The base price for the model was well below our budget. It was perfect.
When we spoke to a salesperson in the community, however, we learned that we couldn’t just pick a lot and a floorplan and go from there. They didn’t have any lots available, nor did they think they would have any available until early 2022.
We were dismayed but undeterred. We were put on a waiting list and continued our search, relaxing a bit after knowing we had this chance coming up eventually. But every community in Colorado was the same. We were put on waiting list after waiting list because no one had any lots available.
Meanwhile, the base prices jumped $20,000 in two months and would only go higher by the time any lots came available. At the time of this writing, the base price for the model we wanted is now $50,000 more than it was in February. That’s before the price of the lot is factored in and before any customization, which push the price even higher.
One reason for the limited availability in Colorado is that so many people are moving there, and everyone wants views of the mountains.
It’s Definitely a Seller’s Market
If you’re selling a home right now, things are great – home