The Building Industry Association of Central Ohio (BIA) and Revealty have launched www.ColumbusSpecHomes.com, a new Web site to introduce consumers to speculative homes in the Central Ohio market.

In a time of low interest rates, these homes can be a bargain for buyers wanting a brand new home that is already completed. Currently 804 homes are listed on the site.

“This online resource will be a vital addition to the builder’s sales process,” says Jim Hilz, Executive Director of the BIA. “Typically, a duplicate house would cost more to build, which makes these homes a better deal than starting from scratch, and you do not have to wait for the home to be built. Having this site allows both consumers and real estate agents access to what’s available.”

A speculative home is defined as any new house or condominium that is under construction, but doesn’t yet have a buyer. Sometimes referred to as inventory homes, properties can range in status from merely a hole in the ground to a model home that’s move-in ready. Many times builders will include higher-end finishes in these homes.

Because the consumer is buying a spec home as-is, they can realize substantial discounts on upgrades. Model homes, often built with many high-end upgrades to appeal to consumers, become a spec home when a subdivision nears completion.

Marketing spec homes can be a challenge for builders. And finding available spec homes can be difficult for even the most experienced real estate agent as well as buyers. In general, very few pictures of spec properties are available, info does not yet exist on the county auditor’s site, and progress on the home can change daily. Some new-builds aren’t listed on the MLS, so they aren’t found by consumers who typically search for new homes on realtor’s websites. The ColumbusSpecHomes.com Web site was designed to address these challenges.

Builder Thomas Cua praises the site for the impact its made. “We are a small organization made up of craftsmen who are very passionate and proud of the fine work that we create every day. ColumbusSpecHomes.com enhances our exposure and enables us to provide information
regarding our homes to today’s modern client who uses the internet to obtain the vast majority of the information they seek. The amount of traffic that has been generated from simply one picture on ColumbusSpecHomes.com has truly amazed us. This is just another great benefit provided to us as members of the BIA," he says.

All builders posting homes on ColumbusSpecHomes.com are members of the BIA. Information on the site is formatted similar to Multiple Listing Services (MLS), the search engine used by real estate agents and consumers.