Why a Newly Built Home Could Be a More Budget-Friendly Option
Buyer's Tips
Buyer's Tips
If you’re looking to buy a home, there’s some exciting news that might surprise you. While many believe that newly built homes are more expensive than pre-owned ones, that’s not always the case. In fact, newly constructed homes can sometimes be more cost-effective, especially in today’s market. It might seem hard to believe, but the numbers back it up.
Here are two compelling reasons to work with your agent to explore new home construction for a more budget-friendly option:
Surprisingly, the median sales price for newly built homes is currently lower than that for existing homes. This is according to the latest data from the Census Bureau and the National Association of Realtors (NAR).
Why is this happening? Builders are tailoring their projects to meet current market demands, focusing on creating smaller, more affordable homes. With an increase in the supply of new homes, builders are eager to sell their inventory before starting new projects.
Another major advantage of newly built homes is the variety of incentives that builders are offering. With a strong desire to sell their current inventory, many builders are providing attractive deals for homebuyers. HousingWire recently noted:
“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”
These incentives can include competitive mortgage rates, covering closing costs, or offering free upgrades, making new homes even more appealing.
Exploring newly built homes could reveal opportunities you hadn’t considered before. With competitive pricing and valuable incentives, a brand-new home might be the best option for you.
Remember, finding your dream home is a journey, not something that happens overnight. We’re here to support you every step of the way. A heartfelt thank you to our client for the thoughtful review; it was an honor to represent you.
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