New construction homes in the Austin area were once considered an easy option if you didn’t want to deal with resale homes going into multiple offers, but that isn’t the case anymore.
Is It Easier?
The short answer is “no”
Over the past year, builders have been struggling to keep up with the demand for new homes. The amount of people moving to the Austin area combined with disruptions with the building supply chain have made available new construction homes harder to find.
Supply is Down and Demand is Up
With this high demand and and low supply, builders are raising their prices. Not only is there high demand, but the cost of building materials has gone up considerably. Many, if not all, builders are only releasing a few lots at a time and even auctioning them off to the highest bidders or having a lottery.
What About Waitlists?
At this point in time, it’s common to find that builders’ waitlists are capped out and are no longer accepting new names for their waitlists. If you find one that is accepting new names, you better put your name down. There is a strong chance that many people will find another home/neighborhood while waiting for an available home/lot.
Consider Off-the-Beaten-Path areas
Consider towns and areas further out from Austin if you’re needing a home right now. If you work in Austin, your commute will be longer, but you may find an available home, new construction or resale, with a little more ease. The prices in these outer-lying areas are a little lower too.
New Neighborhoods Continue to be Built
More and more neighborhoods are being developed to keep up with demand. It is possible to find a nice new construction home. You just might need a little more time and patience to find the right home for you.