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Prime Real Estate: Affordability, availability on the upswing for homebuyers

A decorated kitchen in a custom model by Griffey Homes [Photo provided by Griffey Homes]

Housing trends have been on the upswing, especially for homebuyers looking for a home that’s affordably priced and new on the market. In fact, national trends show that it’s become affordable to purchase a home without breaking the piggy bank.

According to a Q3 financial report by REALTOR®, the affordability of new homes in 81 of the nation’s 100 largest markets, including the St. Louis area, has increased since the start of 2019. That’s nearly double from the 44 reported in the first quarter of 2019.

According to that same report, home affordability increased by 5% at the national level from September 2018 to September 2019.

Affordability has been spurred by growing incomes, lower mortgage rates and the constantly expanding inventory of new and available homes on the market. At a national level, home affordability also increased most noticeably in midsized cities in the Midwest and South, both of which are known for larger job markets and a larger inventory of homes on the market that are ready for purchase.

Griffey Homes blends custom homes and affordable financing

Potential homebuyers can get exactly what they want by going custom with Griffey Homes. Affordably priced from $105 per square foot, Griffey Custom Homes allow homebuyers to work directly with the home builder.

“We have architects available and an in-house designer. And, we offer construction financing at affordable rates,” said Griffey sales manager Kim Valerio.

Griffey Custom Homes was founded in 1984 by Tim Griffey, and since then, the company has been the choice of discerning homebuyers for decades. But the best part of working with Griffey is that it’s easy. Experts walk homebuyers through each step of the process and always pay attention to the homebuyer’s needs and wishes – right down to floor plan selection and home sites.

“We will build your plan or our plan, on your land or our land,” Valerio said. “We have been building custom homes for over 30 years in St. Charles, Lincoln and Warren counties, and in West St. Louis County.”

Griffey Homes custom homes division can build from a buyer’s specific plan or a Griffey plan. Construction financing is also offered.

For those looking to browse new communities, Griffey Homes has multiple options coming up the line. Dragonstone is the builder’s newest upscale community of five prestigious homes located on Bates Road in Dardenne Prairie. All of the planned homes will have three-car garages and most will be walkout sites, according to Valerio.

Available schools in proximity to the home sites include Fort Zumwalt Ostmann Elementary, Fort Zumwalt West Middle and Fort Zumwalt West High.

Another community soon to be available from Griffey Homes is Grantham Estates, which is comprised of 22 homes located in a new subdivision in St. Charles County near Flint Hill, Missouri. The community is located off Mette Road near Hwy. P.

All 22 of the home sites back to trees and most of the homes will be walkout sites. The homes are slated to start in the $300’s but finalized listing prices have yet to be determined.

Griffey Home is also in the process of building a new community in St. Charles County near New Melle off Foristell Road. The community is currently called “Storm’s End” but may change in the future.

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