Sales of homes categorized as “new construction” are slower than in recent years. For May 2007, the Census reported that builders are carrying a 7-month inventory.

This is up from 6.2 months in May 2006 and down from 8.3 months in February 2007. The June 2007 report is due Thursday.

For people considering a move to newly constructed homes (i.e. buying from a builder), the inventory buildup means that homes may be available on the cheap if you’re willing to buy “off the rack”.

The home’s finishes and style may not be exactly what you want, but the price may be right.

This is similar to buying a suit at Brooks Brothers as opposed to having a tailor custom-tailor you one.

As the real estate market continues to favor buyers over sellers, there are two approaches a buyer can take — get exactly what you want and insist on a reasonable price, or go bargain hunting.

Surprisingly, new developments may be a terrific place to find a latter so long as inventory remains high.

This entry was posted on Monday, July 23rd, 2007 at 3:09 pm and is filed under Cincinnati Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.