RE: How Builder Defect Laws Affect You
There has been a lot of talk surrounding the topic of increased inventory on the market specifically for attached homes (condo's, townhouses, etc.). Are you curious as to why the sudden change and why only attached homes?
This is mostly due to the resolution to builder defect laws, also known as House Bill 1279, which became a law on May 23, 2017. In short, the new law makes it more difficult for owners and homeowner associations to bring expensive construction defect claims against builders, developers, and other construction professionals.
With this new law, the hope is that there will be less lawsuits, resulting in less development cost, making new construction more affordable. Now that we have had this resolution for about 2 years, roughly the time it takes to secure land, develop project plans, and build, we are seeing attached home inventory on the rise.
As Megan points out in the below video: attached inventory is up year over year about 25% but we are also seeing about 12% increase in contracts written so the pent up demand is being serviced, which is great for buyers.
For more information on the attached home market, watch this video!
If you are thinking about buying or selling, I would love to help you!