If you're in the market for a new home, here's some exciting news for you. While many assume that newly constructed homes come with a higher price tag than existing ones, that's not always the case. In reality, exploring newly built homes can often uncover more budget-friendly options, especially in today's market. It may sound unbelievable, but the facts speak for themselves.
Here are two compelling reasons why partnering with your agent to explore new home construction could lead you to a more cost-effective choice.
The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):
Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.
Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. HousingWire explains today’s trend:
“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”
One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades.
Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you.
Purchasing a home is a significant decision that requires careful consideration of all available options. By delving into the realm of newly constructed homes, you may discover a perfect match for both your needs and your budget.
Let's embark on this exploration together. If you have any inquiries or wish to explore what's out there, don't hesitate to get in touch.