Top Reasons to Consider a Newly Built Home in Today's Real Estate Market
Are you hesitating to put your home on the market because you're worried about finding the perfect home when you make your move? It might be time to explore the option of a newly built home and the numerous benefits that come with it.
The Surge in Newly Built Home Inventory
Recent data from the National Association of Home Builders (NAHB) reveals a near-record percentage of new home inventory in today's housing market. Newly built homes now account for 31% of total homes available for sale, a substantial increase compared to the historical average of approximately 12%. This surge in new home construction is a positive sign, indicating a broader range of options for homebuyers.
Addressing the Housing Shortage
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes the need for even more home construction to address the persisting housing shortage in most markets. Yun notes that another 30% rise in home construction can be easily absorbed in the marketplace. This not only signifies a solution to the housing shortage but also presents an opportunity for homebuyers.
Benefits for Homebuyers
1. Variety & Options
With the supply of existing homes still relatively low, the increase in new-home construction opens up a world of possibilites for homebuyers. Imagine yourself in a home that's brand new - with modern appliances, fresh paint, and minimal maintenance needs. The expanded inventory of newly built homes provides buyers with the chance to find their dream home.
2. Affordability Incentives
Some builders are going the extra mile by offering incentives like mortgage rate buy-downs. This can be a significant advantage for homebuyers, especially in the current affordability landscape. Patrick Duffy, Senior Real Estate Economist at U.S. News, highlights that builders are increasingly offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.
Partnering with a Trusted Real Estate Agent
Buying from a builder involves a different process than buying from a traditional home seller. It's crucial to collaborate with a trusted real estate agent who understand the local market. Your agent will be your go-to resource for coordinating with the builder, reviewing contracts, and ensuring a smooth homebuying experience.
If you're considering selling your home and facing challenges finding the right one to move into, it's time to explore all your options. Embrace the opportunity to step into a home that's not only new, but also tailored to your preferences and needs.