From March 12th- April 10th builders showcase their model homes by having them open to the public. It is a convenient way for buyers to get out and look at what is being built around the metro. Some people go to see the latest trends in home design and decor. Some are interested in the latest technology. But many are considering a move and would like to build new.
The key appeal to the building is the personalization of choosing some of the finishes. There are very few truly custom builders, these work at the top of the price range, but even national builders allow the choice between several packages of finishes. Some buyers feel so strongly about having a hand in the creation of the home as well as being the first owner that building is their only option.
This explains how they justify the price they pay for that privilege. New builds are beautiful, crisp, modern- but they are not cheap.
Out of the 343 new properties on the tour, only a couple are priced below the Twin Cities metro median sales price of $340K. Most of the least expensive options are townhomes, but one is a split entry with the upper level finished. Most are also located on the outer peripheral of the urban area. Or in other words, half of the metro home buyers can purchase homes at lower prices and in closer proximity to infrastructure like jobs, education, medical facilities, shopping, and so on.
If a chief accountant of the community had to select a type of property to offer to members who needed help paying the rent, it is clear that she could stretch her public purse further by going with existing homes instead of new. The math is pretty clear.