New home construction moves forward despite difficult 2020

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CHESTERFIELD COUNTY, Va. (WRIC) — Preparation for Homarama 2021 is underway at Summer Lake.

Local builders will showcase current trends as eight new homes will be constructed.

“We’ve been very fortunate with the growth that we’ve had in Chesterfield,” said Kevin Carroll of the Chesterfield County Board of Supervisors. “With the builders you see here, we’re gonna have another addition to a great neighborhood already.”

Whether it’s construction in Chesterfield or other counties across the greater Richmond area, new homes are being built even during the difficult coronavirus pandemic.

So what’s contributing to the construction boom? “Interest rates are low and inventory is low,” explains Biringer Builders president John Waters.

According to Waters, 2020 has actually shown improvement from 2019 during the same timeframe.

“From this time last year we have seen an increase month by month,” added Waters. “There are not a lot of options for people that are looking to move and purchase. People are really jumping at the opportunity to lock into a 30-year mortgage at historically low rates.”

“Interest rates certainly make it easier for people to feel more comfortable about investing in a house,” said Carroll.

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