Builders and developers try new tactics to narrow the differential between new and existing home prices to court Millennial buyers.
With a few exceptions, home builders have their work cut out for them trying to ladder their offerings down in price to meet a large and growing market of young adult buyers for whom the moment to buy has arrived.
Many have been busy unveiling “entry-level” product lines, and are looking to bring new communities online that will narrow the $100,000-plus gap between median new-home prices and existing home price tags.
Realistically, that’s a couple of year process, both to get those lots improved and permitted, and get operations and labor in line to deliver that new product profitably.
