Why Are New Construction Homes Sitting Unsold in Bel Air?

By Mike Gray

When it comes to providing peerless customer service and fulfilling the needs of his clients, if Michael Gray tells you that “the sky’s the limit,” he’s not kidding. Formerly an airline pilot, where attention to detail and focus are crucial and following a process is absolutely necessary to achieve proper results, Mike learned early in his real estate career how well those skills transfer and how important they are to the buyers and sellers with whom he works.

Have you noticed that there are a lot of new construction homes for sale right now in Bel Air? However, so many of those houses are sitting on the market. I’ll explain some reasons and trends why many homes are not selling and what you can do as buyers and sellers in our area.

In recent years, Bel Air has been a hotspot for development. It’s a prime location with top-rated schools, proximity to downtown, medical centers, and the Galleria. Builders have capitalized on the chance to tear down older World War II-era homes and replace them with new luxury constructions, making the neighborhood more attractive to professionals and high-end buyers.

So, what happened? Here are some factors affecting the current housing market in Bel Air:

Saturated market. Many construction companies have invested heavily in replacing older homes with larger luxury ones. As a result, new constructions have created too much inventory compared to the number of active buyers, and the market has become saturated.

Economic factors. We also talked about rising interest rates and increasing inventory nationwide, which contributed to the reason why some of these homes are struggling to sell.

Location and pricing. Many homes are in less desirable areas, which affects how quickly they sell. In Bel Air, homes near feeder roads tend to move slowly and must be priced accordingly. Some builders even avoid lots near these roads due to their impact on sales.

For buyers, the good news is that homes sitting on the market for a while could be available at a great price. If you’re open to exploring, you might snag a good deal. We’re also seeing interest rates starting to drop, which could offer more options for buyers despite the increased inventory.

We are also seeing interest rates starting to come down, and while inventory has ticked up, that could mean more options for buyers.

For sellers, it’s essential to price your home correctly or build according to market demand.

Overall, it’s a good time to buy in Bel Air. We’re currently experiencing a seasonal lull, but we anticipate a strong real estate market next year with various developments on the way. If you have any questions or need more information, feel free to call me at (832) 428-6453 or email mike@themikegrayteam.com. We’re here to help.