Housing supply, rising interest rates, affordability, inflation, the economy, the lingering effects of COVID… there’s a lot on prospective homebuyers’ minds these days, when it comes to things that may impact their purchasing decisions.

To help you understand all the factors to make a better, more informed homebuying decision, our 2022 Builders' Annual sat down with some of the industry’s top builders and developers for expert advice.

Given the various characteristics of today’s housing market, what is your outlook for 2023?

In our outlook for 2023, we’re certainly going to see some adjustments in the residential real estate market. Buying from a reputable builder will be more important for buyers in the upcoming year.

Buyers will enter the marketplace with a different discipline then what we have seen in the past. With higher interest rates, their finances, personal budget and lifestyle will all have to adjust to these realities, until rates decline again. We are already seeing this in our launches in the last three months, and I believe other builders who have had recent sales success will echo this perspective.

What advice would you offer to buyers?

I would recommend that you have a complete understanding of your personal finances, and make sure you are buying from a reputable builder that will deliver your new home in a reasonable period, and know that your investment dollars are in good hands with that builder.

How is your company addressing the affordability issue?

At Plaza, we are always considering design as an important part of the affordability process. We continue to have a great deal of success with smaller, corner two-bedrooms that were traditionally larger corner two-bedrooms. We are doing this to meet the market demands for affordability. With our launches in our last two quarters of 2022, we have successfully met the market demand.

What is it about your company that you would like prospective buyers to understand as they go through the homebuying process?

We will always build what we sell. That is our motto. We will always communicate with our purchasers during the buying, construction and move-in processes. Our award-winning practices give us a leading edge in the marketplace. We continue to strive to meet that benchmark and exceed that benchmark on every Plaza project.