What Is a Spec Home In New Construction?Posted by Florida Realty Marketplace on
With so many homes for sale in Winter Haven, FL, you might be wondering, who builds them all? The answer is likely a spec or custom home builder.
Put simply, a builder constructs a spec home with the intention that a buyer will eventually purchase it. The term “spec” is short for “speculative” since builders are banking on the fact that someone will buy the home they’re building. As the name (speculative) suggests, building one of these homes is a gamble and not a guaranteed profit.
How Common Are Spec Homes?
Generally, a healthy economy and a good market requires about 1 million new homes need to be built per year to keep up with the growth of new households and attrition as homes age.
Over the last few years, new construction homes for sale…
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