What Is A Spec Home?
Let’s shed a little light on the subject of spec, inventory, and feature homes or houses. The names may change, but they are all the same thing!
A spec home is a new, move-in-ready home built by home builders across the country. These are houses that are built before a home buyer makes a purchase.
Homebuilders offer spec homes because not every homebuyer has five to six months to wait for their new dream home to be built. For buyers who do not have the time to wait or simply aren’t interested in the construction process, spec homes are a convenient option!
Sadly, spec homes have an unwarranted reputation that somewhat proceeds them. Why is it that many new home buyers and real estate professionals reject the option of a spec home? Are spec homes truly built without designer options? The answer is NO! Unlike the unfair stereotypes, spec homes are definitely not built with the limited designer options and lower quality finishes and features – at least not here at Eastwood Homes! Our spec homes are built with the same attention to detail, and designed based on the trends and needs of the particular community and market in which the home is being built. The fixtures and finishes on each of our spec homes are hand selected by a talented team of construction professionals, design center specialists, and on-site New Home Specialists! They are built with care.
Why Buy A Spec Home?
The most obvious reason a new home buyer would consider purchasing a spec home is timeframe. The real estate market is on fire, homes are selling in days and closing quickly!
Often times, buyers who have just sold their current home or are moving out of a condo or apartment are only given a month or two to find a new home making a spec home the perfect solution. They are able to move into their home quickly with little to no delay! Purchasing a spec home is also simple! Although building a brand-new home “from dirt” is rewarding and exciting, it can also be a lengthy process with many decisions. Although these decisions are often fun ones and include things like selecting your countertop style, flooring options, paint colors, and more, some prefer to take a hands-off approach. In these cases, a spec home might be the answer as it may have all the desired details and features, but requires very little effort on the part of the buyer, other than the actual move. Moving in does take a little effort!
Also, many consider purchasing a spec home because it is tangible – they are able to feel, touch, and see the home before purchasing! Many buyers love the certainty of purchasing a home that is already constructed. They have the opportunity to walk the hallways, select the placement of their furniture, and imagine life in the space.
When Is The Right Time To Purchase A Spec Home?
The right time to purchase a spec home to up to you! Only you decide when it’s time to move and make an investment in your future.
However, we will give you a small piece of advice: purchase sooner rather than later. Interest rates are still at historic lows, and home prices are only expected to rise!
If you’re in the market for a move-in ready home or if you’re interested in building your home, we would love to chat with you about our communities throughout the Carolinas, Virginia, and Georgia! We build in the Charlotte, Raleigh and in the Triad areas of North Carolina; Charleston, Columbia, and Greenville areas of South Carolina; Richmond, Virginia; and Atlanta, Georgia. Please feel free to call us at 866-551-7995 or email our team!
With summer winding down, many of you are probably gearing up to get back to school! With a new “season” starting and all the tasks that come with getting back into the swing of things.
Lower interests rates and impending price increases on new construction make the answer clear to the question, "Is now the right time to buy a new home?" You don't even need a crystal ball to see that the answer is "Yes!"
Eastwood Homes is now building in the Atlanta metro region! This marks continued growth for privately-held, family-owned Eastwood Homes. Atlanta is now our eighth division, solidifying our presence as a builder in the Southeast United States.