Building Boom
By Holly ZuluagaTRI-CITIES--A housing market rebirth in the Tri-Cities. MultimediaMore people are building homes, encouraging local real estate agents. Empty lots are getting action around the Tri-Cities as more homes go in. “The numbers are very encouraging, something we hope to expect, but we don't have a crystal ball,” Paul Roy Manager for Coldwell Banker said. In fact, stats from the Home Builders Association of Tri-Cities show new home starts went up nearly 7% from 2008 to 2009. The association attributes some of the gains from "the first time home buyers tax credit". So much gain, home construction went from being down 28% in the summer to the gain by the end of 2009. “The last year has probably been the largest volume of first time home buyers that I have seen, just trying to get to a house faster than anyone else can,” Jemima Crosby Real Estate Agent from Coldwell Banker said. Coldwell Banker says most of the new construction is in the 200 to 250 thousand-dollar price range. It's the typical "2nd" home for families like this looking to upgrade. Repeat buyers are taking advantage of a tax credit offered until summer. “New construction has picked up specifically because the tax incentive now extended to anyone whose lived in their house for 5 years, in a mortgage I should say, so those people now have the ability to move up,” Jemima Crosby said. On the flip side, the demand for homes under the $200 thousand mark is so great. Paul Roy with Coldwell Banker says it's causing a shortage, making it difficult to find builders that can get loans to keep up with the demand. “My fear is if lending institutes or private investors aren't meeting up with the demand usually what that causes is a housing shortage and that causes a housing shortage and that causes pressure on the housing market to raise prices,” Paul Roy said. |
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