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Absorbing the stock

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Maureen Wilkey

Writer on real estate from any angle

On Monday, Crain's reported that the new homes market had basically been "obliterated," with new home sales down 88.7 percent from their peak in 2005. Essentially, demand for new product has dried up because we haven't sold all the existing homes on the market, and those who don't have to sell their homes and move aren't doing so.

What does this mean for you as a buyer or potential buyer?

-You probably won't see anything new being built for quite a while. So something you see that was built a couple years ago but hasn't sold yet may be one of the newer places available on the market.

-You may be able to get newer or unlived-in homes for lower prices, since developers or owners may be trying to get rid of them to move on to their next project.

-As demand increases again, you may have fewer options when buyters go after the new units that are remaining, so if you are looking now it might be better to get in before everyone else does.

-While demand is still low for condos, there may be less available in terms of apartments, since a lot of echo boomers are now renting instead of buying. 

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