NewHomesMate, a proptech startup that has simplified the process of purchasing new construction homes through its streamlined property marketplace platform, has today announced its expansion into Denver, Colorado, connecting buyers and builders in one of the United States’ most underserved housing markets.
The platform will help homebuyers searching for new construction properties in a market that has struggled with housing shortages for over a decade. Between 2012 and 2017, the region built only one new home for every five new jobs, prompting rampant price increases and rising unaffordability. It’s estimated that the state requires 127,000 new properties to meet current demand with Denver’s metro area alone undersupplied by 70,000 homes. The situation isn’t helped by current mortgage rates, which reached a two-decade high of 8% last month, putting homeowners on low-rate mortgages off from listing their properties on the market.
A surge in new home construction is helping to ease Denver’s struggles, with the housing shortage having decreased by 20% in Colorado since 2019, compared to a 3% rise nationally. However, competition remains high and finding these properties before they sell remains a challenge for homebuyers. For instance, 89% of new construction homes are not listed on a Multiple Listing Service (MLS). Enabling homebuyers in Denver to browse new construction properties through a streamlined and intuitive platform as they become available, NewHomesMate eliminates many of the challenges that come with navigating an undersupplied market and puts buyers in a better position to land their perfect property.
For homebuilders hoping to capitalize on pent-up demand in Denver’s housing market, NewHomesMate can significantly speed up the property marketing process. The platform has also connected over 29,000 builders and buyers with an average take rate of 2.06%, facilitating $79.5m in sales for many of the United States’ leading developers, including D.R. Horton, Lennar, and PulteGroup.
Denver becomes the 14th market that NewHomesMate operates in following on from a successful launch in Atlanta, Georgia, in October. Intent on simplifying the process for homebuyers across America, the startup has further plans to expand into Arizona by the end of 2023.
ABOUT NEWHOMESMATE
NewHomesMate is a property marketplace that supports homebuyers in finding, comparing, and buying new construction homes. NewHomesMate works with many of the country’s leading homebuilders, including D. R. Horton Lennar, PulteGroup, Brookfield Residential, and KB Home; to serve 14 of the United States’ most challenging property markets.
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