You might hear this term thrown around and you might not know exactly what it means. Well not to many are being built these days and they might be difficult to find.
What are Spec Homes
Spec homes are homes built on speculation. A lot of places where fueled by spec home build up (Florida is a good example for investors) from builders and now have a lot of vacant new construction homes. Most builders around the Twin Cities have put up very little “spec” homes this year and much of 2008.
Some home buyers interested in new construction but don’t want to wait the time for the project to be completed, can walk in and buy a home that is already built with no wait time. The floor plan and interior design choices are already made.
Another way to think of “spec” homes is builders showcasing their inventory to potential customers. If you are looking for a builder, it is kind of hard to judge from a set of blue prints the builders craft. So that is why they put up models and “spec” homes to show their craft.
Where to find Spec Homes
Your guess would be as good as mine. That was an attempt to be funny. With builders taking shots in every direction, not many builders are putting up spec homes anymore. Why??? Because unless a builder has wads of cash sitting around, most just can’t afford to build a new construction house in the hopes of a home buyer coming along. A couple of years ago, sure… builders almost seemed to puking them out they were putting up them up so fast.
A good place to look would be a local real estate agent (see what I did there 
) who knows the market inside and out. They are up to date on current new builder inventory because they typically don’t put them on the MLS or advertise for them. They want you to contact them so they can reel you in.
Another place to look would be the Parade of Homes. Get out and visit some homes of some neighborhoods you are interested in. Talk to the sales reps and see what they have available.
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