Home builders

Homebuilders worried about lack of inventory as the Parade of Houses approaches

WICHITA FALLS (KFDX / KJTL) – On July 9-11 and 16-18, dream homes across Wichita Falls will be on display in the North Texas Home Builders Association Parade of Homes.

As home builders get ready to show off their new homes, a few are starting to feel the pressure to try and build homes to fill the market.

“It’s really a volatile market for a buyer. It was brutal for buyers, ”said Denny Bishop, owner of the Bishop Realtor group.

Throughout the pandemic, house prices have risen dramatically and interest rates have plunged as well.

“The homes they were looking for in the $ 50,000 and $ 60,000 range are now in the $ 100,000, $ 120,000 range and there is stiff competition for those homes,” Bishop said.

Because homes are selling much faster, real estate agents have expressed concern about declining inventories.

And while it slowly increases, the concern remains.

“It has been a very difficult year,” said Jose Garcia, president of the North Texas Home Builders Association. “Not enough houses under construction. There is not enough inventory not only on new construction but also on existing homes.

As home builders try to increase their inventory, the NTHBA uses its annual parade of homes to show what they have.

“We don’t have enough housing to meet demand. The market is there, we just have to figure out how to build these things fast enough that everyone can have a new home, ”Garcia said.

For sellers and buyers, both men recommend finding a real estate agent to help them navigate the market.

And buyers absolutely need to be pre-qualified before looking at a home.

“If you’re not pre-qualified, you’re not really a buyer in this market,” Bishop said.

“You have to be prepared to pay more and put in more serious money and more money for option costs. We see this as a trend in the market today as well.

“They just need to… understand that the process has changed because we don’t have the materials, we don’t have the manpower,” Garcia said. “So just be patient and I think you’ll get a good house built.”

While the process can be much more arduous than in years past, realtors and home builders say being patient in the process is key to interviewing homeowners.

Click here for more information on the Parade of Houses.