The Washington Post: In a time of high demand and limited inventory, spec houses are making a return

March 19, 2018

Our CEO Tim Costello was featured in a Washington Post article about spec homes and their comeback within the industry: 

Home buyers across the country are scrambling for properties, and real estate professionals are begging for more houses to be built to answer the high demand.

Under these conditions, you might suspect that developers would be more inclined to build a house even before a buyer has purchased it.

Indeed, some builders have increased their production of “speculative” or “spec” houses, which are fully or partially built without a purchase contract in place. Still, that’s not the case with others — the strategy around spec houses varies according to market conditions and builder preferences. 

“A few years ago, it was too risky for builders to build spec houses, but right now, builders are extremely bullish on the housing market,” says Tim Costello, founder and chief executive of Builder Homesite Inc., the parent company of Builders Digital Experience and NewHomeSource.com, a builder-marketing business based in Austin. “They’re selling everything they can build and making lots of money, so their risk profile has changed.”

Read more here

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