Make the move with quick possession homes
November 28, 2022
“Be prepared” is a saying most homebuilders take seriously, and the best way they show it is by maintaining a healthy inventory of quick possession homes.
The quick-possession home - or spec home – is an industry staple that provides buyers on a tight timeline the opportunity to own a new home and helps the builders themselves keep their tradespeople busy with a steady workflow. It’s a win-win.
These homes are constructed using builder specifications (hence, “spec”) and most are move-in ready and available for a quick possession. The last couple of years, however, saw supplies of spec homes depleted to almost nothing as a hot homebuying market took hold, coupled by supply chain interruptions.
The spec home pool in Edmonton has since stabilised and experienced builders were well prepared for the eventuality relying on veteran leadership, a reliable trade base, and deep pockets for a steady supply of construction materials. Here is how some were able to navigate the choppy waters and have new spec homes ready for buyers that need them.
This isn’t the first rodeo for this well-respected Edmonton-based builder, and it has seen it all in the 45 years since it’s been in the homebuilding business. They are prepared for any eventuality and have 15-20 homes ready within the next 90 days with prices ranging from the high $300,000s to the mid $600,000s range.
“As a standard practice, we are always mindful of keeping spec inventory available in all communities,” says Coventry Homes’ Director of Marketing & Design, Tara Van Horn.
She does add that inventory remains limited but buying a quick possession home is a good way to save.
“With interest rates continuing to rise, it is worthwhile to lock in a rate at a 90-day rate hold, which gives additional flexibility for buyers to take the time to shop their options,” she says.
Coventry Homes’ quick possession homes span its whole range of products from front-drve garage laned, duplex and townhomes.
The quick possession home, she points out, lets buyers get brand new home without having to wait the year for the build. “For people who need a home immediately, it provides the best of both worlds.”
She says that buyers can be assured of professionally designed quick possession homes at Coventry Homes. “We work with over 200 families each year, so we know the most common and popular upgrades, helping you get the best bang for your buck.”
She adds that if buyers get in during the early stages of the build, Coventry Homes can allow changes and customizations not commonly offered.
“Regardless of what market conditions are perceived to be, we can really service clients’ needs. We are flexible and are able to address homebuyer pain points, and our ability to offer vast product offering hits all budgets and needs,” she adds.
Go to Coventry-homes.ca for more information.
Jayman BUILT has built a reputation on its value-added homes, and its line of quick possession homes – some of which are available for move-in for the Holidays – are just as laden with the most desirable features.
“We have over 50 quick possession homes available in Edmonton – this includes our pre-planned spec homes, which do still have a quick possession move-in date, within 6 months, but is not yet a home under construction. This option is great for our customers, as they are our most popular models and most popular options with professionally curated colour palettes,” says Charles Fay, Vice President Jayman BUILT Edmonton.
Jayman BUILT has the experience and the financial capability to maintain a robust inventory of quick possession homes. At Jayman we have a consistent number of homes flowing through our office and field. We ensure that a portion of the homes started each month address the need for available home inventory whenever possible. We are seeing an influx of interest in quick possession homes and with that have modified our production to support the market.
They have also been able to keep costs down and pass off their savings to customers. “We have Street Towns starting in the $360’s, Laned homes starting in the $400’s and front attached garage homes available from the $500’s. All prices include home, lot and GST,” Fay says.
One of their popular models is the Cooper18 laned home model, two of which are available for quick possession in the thriving southeast Edmonton community of Walker Summit.
Available at $424,900 including lot and GST, these Cooper18 homes come with Jayman’s upscale standard features, including six solar panels, Built Green Canada Standard with EnerGuide Rating, ultraviolet light air purification system, tankless water heater, triple pane windows and smart home technology solutions.
For more info, go to jayman.com.
About Pepper Rodriguez
Pepper Rodriguez is a writer, editor of New Home + Condo Guide's Calgary and Edmonton editions.