EYA Company News | Robinson Landing | EYA | Tower Oaks | Cabin John Village | Riggs Park Place | Reston Station | The Townhomes at Michigan Park
By: Lisa Youngentob on February 18th, 2021
In this week’s Real Estate section, The Washington Post highlighted increased demand for new construction homes. Post reporter, Carisa Crawford Chappell said, “New construction has become the saving grace for a growing number of buyers drawn into the market by historically low mortgage rates fighting over a dwindling inventory of existing homes. And now that unfulfilled demand for resale homes is spurring a boom in the home-building market.”
From Robert Dietz, chief economist at the National Association of Home Builders (NAHB), “Typically, new construction is mainly purchased by move-up buyers ages 35-55. In fact, five years ago, the first time buyer share of the new home market was less than 20%. Today, it’s closer to 30 percent nationwide.”
With the demand for new home sales higher than expected, especially by first time buyers, sales of new construction homes have risen by 18.8 percent.
Margeau Gilbert, a real estate agent with Exit Right Realty in Laurel, cites this type of demand is not new, however, the historically low interest rates “has exacerbated demand. Even in the midst of Covid-19, the market is on fire.”
In the article, Mark Zandi, chief economist at Moody’s Analytics, "expects home building to continue to ramp up because of low mortgage rates and an improving job market post-pandemic.”
In response to the article, Preston Innerst, EYA Marketing LLC's Senior Vice President of Sales, added:
The increase in new home sales activity is evident across all of EYA LLC’s new neighborhoods. Our infill locations with great accessibility have always seen strong demand, but we have seen a noticeable increase during last 6 months in on-line traffic, in person traffic, and sales at all of our communities - which is driven by low resale inventory, continued low interest rates, and a growing frustration with having to deal with the competition and bidding wars in the resale market. The demand has been strong across all price points, from $600s and $700s priced homes at Riggs Park Place and Michigan Park, to elevator townhome product over $1 million in communities such as Tower Oaks, Cabin John Village, and Reston Station. Even the very high-end luxury condo market has seen strong interest, with our Robinson Landing community having sold 5 condominiums from $2.8 million to $4.5 million during the last 90 days. In the current Covid environment, our purchasers are also expressing an increased desire for “new” over “used” homes.
To read the full Washington Post article, click here.
Learn more about our active selling communities:
January 28, 2021
Dear Friends of EYA, Last year we began a new tradition of kicking off the year with a letter to our broader EYA family entitled “Walk the Talk.” The name is tied to our vision of delivering on our tag line of “Life Within Walking Distance.” The purpose is to reflect on the prior year’s successes and to highlight goals and expectations for the year ahead.
December 21, 2020
EYA's newest DC community, The Townhomes at Michigan Park, is open for sales! With over 10% of the homes already sold since opening in November, this beautiful new neighborhood offers the perfect place to call home just moments from local retailers, recreation, national landmarks, Metro and more.
December 14, 2020
A lot has changed in 2020, including how people shop for and purchase homes. Today's technology offers home shoppers the ability to take virtual tours of model homes, chat directly with sales managers via video calls and complete the purchasing process online. All done from the comfort of your home. Read on to learn more about our online tools and virtual appointments that make shopping for a home safe, easy and convenient. Whether you’re more comfortable with video chats, phone calls, texts, or emails, we’re just a call, tap, or click away.