Why Buy New: Low Housing Inventory in Florida

Posted: October 27, 2023 | Categories: News | Why Buy New
By Highland Homes

Updated on October 27, 2023: This story was originally published on May 22, 2020, and has been updated with new information.

Have you been shopping for a home in Florida and finding there just aren’t that many homes to look at? You are not alone – resale listings are down again in October, after steadily declining since mid-2022, meaning there simply aren't that many homes listed to purchase.

Graph of the number of homes sold in Tampa, FL

As for those homes that are getting listed, homebuyers are snapping them up almost immediately - According to recent data from Redfin, homes in Tampa are only on the market for 22 days and 20% of homes are selling over the listed price. This means you not only have fewer opportunities to find the home that suits your needs but also a limited window to even see available homes, along with homebuyers competing to buy the same homes and driving up prices – and your stress level! 

So, what can you do to avoid the stress and find the perfect home of your dreams? Buy new! Here, we outline the benefits and opportunities available to build a new construction home in Florida.

No Bidding Wars

A new construction home by Highland Homes in Florida

A bidding war occurs when multiple buyers are trying to purchase the same home, driving up the price when each submits a higher offer in an effort to be the successful homebuyer. When inventory is low, this becomes more common for the simple reason of supply and demand. 

Our first benefit of building a new construction home is no bidding wars - the price is the price. With that said, land has limited availability and builders can change prices at any point, usually due to rising construction costs, so if you find a neighborhood and home you love, it's best to act quickly and make it yours.

Your Home is Built Exclusively for You

Tired of looking at homes that just aren’t quite right? Closed-off rooms, no space for your home office, small closets – blah! Or maybe the direction the house faces doesn't work for your garden needs. Perhaps it's the daunting stress of removing all of that gross flooring, renovating the kitchen so you can actually cook in it, or wondering what that stain is on the wall?!

When housing inventory is low, buyers sometimes feel pressured to settle for a home that's not quite right, simply because they don't feel like they have another option. But there is a better option - building new!

Everyone has different wants and needs in a home, and building a new construction home has a trifecta of benefits:

1. You choose your neighborhood and home site

Aerial of homesites available in Lake Alfred, Florida

You know what they say in real estate - Location, location, location! This is something that can't be changed and is arguably more important even than the house itself - after all, no matter how perfect that house in Chicago is, you aren't going to buy it when you want to live in Tampa!

So, you start by choosing your ideal neighborhood, then your homesite (aka lot) within that community.

2. You choose your home layout

One of more than 30 home plans built by Highland Homes in Florida

When you build your new home in Florida with Highland Homes, you can choose from more than 30 unique home plans with 1,300 to over 3,000 square feet of living space, three to six bedrooms, and a 1, 2, or 3-car garage. Each home is designed with features such as flexible-use rooms, open-concept main living, and outdoor living space, and select plans offer options for things such as an in-law suite, additional bedroom, or loft bonus room. 

Each neighborhood offers a carefully curated home plan collection, with opportunities for everything from low-maintenance townhomes to spacious single-family homes. So, once you've found the right neighborhood location, your next step is to choose from a variety of home types and layouts to find a home with the right square footage, room setup, and overall layout for your needs. 

3. You choose the features and finishes to personalize your home

Personalize your dream home when you build with Highland Homes in Florida

Why settle for buying a house in which you already want to change the flooring, cabinets, and paint? Instead, imagine moving into a home that is designed with the colors you like, the flooring you want, and even state-of-the-art appliances! That’s the difference of building a new home.

Many of our homeowners say their favorite part of building with Highland Homes was the time spent at our Personal Selection Studio working with a professional designer to select the colors, features, and finishes to personalize every room in their new home. During your home design appointment, our designers will learn more about your style, needs, and budget and help you pick out the perfect options for your dream home. 

Is home design not your cup of tea? No problem!! Our designers will make it easy by showing you color palettes and design options based on your needs, or a quick move-in home may be the perfect option for you, providing many of the benefits of new construction along with a faster timeline to move-in and features and finishes hand selected by our professional designers.

Less Maintenance, Lower Costs

A new construction home is just that – brand-new! Plumbing, HVAC equipment, and appliances aren’t only shiny and new – They have no existing wear and tear or hidden issues! And, updates in energy-efficient technology and building practices help keep maintenance and utility bills low when compared to an older home. Modern features such as energy-efficient HVAC, Low-E double pane windows, and advanced insulation all work together to keep money in your pocket. 

Lower Operating and Maintenance Costs

HVAC maintenance costs are lower in a new construction homeHome operating costs include things such as property taxes, utilities, and homeowners insurance. According to data from the American Housing Survey, homes built before 2010 have about 5% annual maintenance costs, while those built after 2010 drop to just 3%.

Home maintenance costs include items such as lawn care, pest prevention, and maintenance of doors, windows, exteriors, gutters, and HVAC systems. A report from 2022 states that homeowners spent about $6,000 in home maintenance - however, this drops significantly for a new construction home, with maintenance costs limited to things such as caulking cracks, changing batteries in smoke detectors, and replacing HVAC filters.

Why is the maintenance so much lower on a new construction home? No wear and tear, as we mentioned above, and also another big benefit of new construction - a warranty!

New Home Warranty

Should an issue arise with something installed in your new home, guess what – You’re covered! Most new home builders offer a new home warranty. When you build your new home in Florida with Highland Homes, your home includes best-in-class warranty protection:

  • A one-year builder warranty, covering material defects;
  • A 2-10 Home Buyers Warranty, giving you 10 years of structural coverage, 2 years of systems coverage, and 1 year of surety coverage against defects;
  • Manufacturer warranties for many products in your home, including a limited lifetime warranty on roofing shingles and up to 3-years on Samsung appliances.

How to Find a New Construction Home in Florida

How to find your new construction home in Florida

Look no further – Highland Homes has built more than 12,000 homes in Florida and has the knowledge and experience to build you the quality new home you deserve, with the features you are looking for, and a payment affordable for your budget.

Highland Homes builds new homes in metropolitan areas such as Lakeland-Winter Haven, Tampa, Orlando, Bradenton-Sarastoa, and Ocala. Browse neighborhoods and home plans, and Call or Email us to connect with a Florida New Home Specialist today!

Tags: Benefits of New Construction Energy Efficiency Homeowner Tips Warranty Renovations Maintenance costs Why buy new Personal Selection Studio Interior design