What type of construction involves homes built for immediate sale without a specific buyer in mind?

The correct answer is speculative homes, which are constructed by builders for immediate sale to any buyer without having a specific purchaser lined up at the outset. This type of construction allows builders to take advantage of market demand, building several homes with similar designs and features that can appeal to a broad range of buyers. Speculative homes are often developed in areas with high demand, allowing for quicker sales compared to homes built on a custom basis where a buyer's preferences dictate the design and construction features.

The other types of homes mentioned in the choices represent different concepts. Custom homes are tailored for specific clients, often requiring personalized design elements that reflect the buyer's individual tastes and needs. Tract homes are built as part of a planned community, where multiple homes share similar designs, usually making them more uniform but still may target general buyers rather than being built without a specific client in mind. Prefab homes, or prefabricated homes, are constructed off-site and then transported to their final location, focusing on efficiency and cost-effectiveness, but they also vary based on customer specifications. These distinctions highlight the unique nature of speculative homes in the real estate market.