Why new, and why now: Illuminating today’s market with David Tufts and Scott Fischbach
As home supply struggles to meet consumer demand, there’s never been a better time to buy new. We spoke with David Tufts, Partner, and Scott Fischbach, V.P. Business Development, to explore the benefits of new construction, and how @properties Development Group (@DG) makes buyers comfortable in a seller’s market.
New construction supports how people live, work and play today. “Home design has been hugely affected by the events of the past couple of years,” states Tufts. “We work with our developers to build state-of-the-art homes with spaces that people want, such as expansive outdoor living areas with fireplaces and plunge pools, private home offices or ‘Zoom rooms,’ and dedicated home gyms.”
Fischbach adds, “As people reevaluate their lifestyle — where they live, how they work, where they shop and how they interact with people — they experience less friction with new construction versus renovating or relocating, supply chain issues withstanding.” And because @DG is on the ground in multiple cities and submarkets, we’re able to leverage our comprehensive experience and insights from buyers to stay ahead of the curve.
“From energy efficiency to customization, there are so many reasons why new is the way to go,” comments Tufts. “However, due to the challenges of today’s real estate market, some consumers might be hesitant to consider new construction. It's our job to make the process as seamless as possible for both our sellers and their buyers.”
When supply chain issues hit, @DG learned to adapt by pre-selecting features and fixtures to create spec homes, with enough flexibility so buyers could work with designers to make it their own. “As we build and sell new homes in today’s market, we want to ensure that buyers still have a choice,” explains Tufts. “Buying a home should be a positive experience, and part of that is personalizing your space by selecting flooring, countertops and other materials. Our designers carefully curate mood boards to demonstrate what the final home will look like, with the disclaimer that certain items might change slightly between selection and closing.”
This solution has proved successful so far, receiving a warm response from buyers. “Our goal is to help our buyers overcome any obstacles to purchasing new construction, such as issues with the supply chain, material costs and delivery delays,” continues Tufts. “Another tactic we’ve adopted with our builders is only offering a home for sale once it’s fully-framed. At that stage, they can determine pricing and timing through a more informed lens.”
Fischbach identifies another silver lining to market disruptions: urgency. “Before the pandemic and supply chain issues, sellers had to gently push their buyers to make selections. There’s still the risk that their specified flooring or appliance will become unavailable, but there’s a new sense of urgency to make the decision before they lose the opportunity to have a choice.”