In Episode 21 of Intelligent Equity, host Ryan Kiefer talks with Shelley Parks of Coldwell Banker Heritage. Shelley provides some great tips about lot selection and how to finance a new build. You’ll also hear how new construction factors into the current inventory.

Episode Highlights:

Shelley has been selling real estate for over fifteen years. She immediately began in the new construction market.
A few years ago Coldwell Banker launched a global luxury division. They went into every market and figured out what a luxury property is in that market.
In Cincinnati, luxury is defined as $500k and above.
She represents Clemens Companies right now. She does the marketing and sales for them while also being a realtor for Coldwell Banker.
Lot selection is a huge deal.
Everyone always asks which comes first, designing your home or picking the lot. You need to have both in mind.
These custom homes do take longer. Once your design is complete and you're ready to start, you're probably looking at a nine-month time frame.
Sometimes lots are opened up by developers on a case by case basis.
Lot selection is very important because you may have a dream home in mind that may not be conducive to the lot you choose.
Builders can let you know any limitations a lot might have.
Most custom builders will do the construction loan.
The builder she works with will carry the construction loan for the buyer but wants ten percent down on the complete project.
Construction loans are now easy to come by.
There's not as much inventory as we'd like to see.
A lot of people are leaning more towards building because they can now position it wisely.
Many people are scared to list because they fear they won't find a house they like to move into.
The market looks like it will stay in a good place. Interest rates are still very good.
The key is finding home sites. Shelley is hoping more developers come out and find more land.

3 Key Points:

Lot selection is very important when you’re building a new home.
Construction loans are now easy to come by. Most builders will do the construction loan.
With limited inventory, many people are choosing to build because they can position it wisely.

Resources Mentioned:

Ryan Kiefer: LinkedIn, Facebook, Website
Shelley Parks website, Facebook, LinkedIn
Clemens Companies

Episode 21: New Construction and the Luxury Market with Shelley Parks