By Joe Bousquin | Builder
Home builders had already begun to pivot their focus heading into 2020. After years of catering to luxury and move-up buyers, many builders found the new religion of entry-level homes. The result was median new-home prices finally losing some of their air, flirting with $300,000 toward the end of 2019.
What a difference a year and a worldwide pandemic make. Instead of the smaller, more efficient homes that were ascendant just 12 months ago, today’s homes need form and function to serve the entire family. While more space, “Zoom rooms,” and outdoor access are a few of the headline impacts of 2020, builders also say there’s been a fundamental shift in what home means to American buyers.
“People are realizing more than ever the fragility and expiration of life,” says Scott Acton, CEO of Las Vegas–based Forté Specialty Contractors, which focuses on custom, luxury homes. “They’re steadfast and determined to turn their residential dreams into reality. We see them chasing a feeling, one that is good, safe, and permanent.”
