The Top Two Reasons to Consider a Newly Built Home
If you’re in the market for a new home, you might be wondering where you’ll end up and what your future house will look like. You might have a specific image in your mind, but have you considered the possibility of a newly built home? Here are the top two reasons why you should consider newly built homes in your search.
1. More Options with Newly Built Homes
When it comes to homes on the market, there are two types: new and existing. Newly built homes are either just completed or still under construction, while existing homes have already been lived in. Right now, the inventory of existing homes is tight. However, there are more options available in the new home market.
According to data from the Census and the National Association of Realtors (NAR), newly built homes are becoming a larger part of today’s housing inventory. Historically, from 1983 to 2019, newly built homes made up only 13% of the total inventory. Today, that number has climbed to over 33%! This means that if you’re struggling to find the right existing home, exploring new builds could open up a whole new world of possibilities.
2. Newly Built Homes Might Be More Affordable Than You Think
Builders are keenly aware of the demand for more housing options, especially those that are smaller and more affordable. They are responding by constructing homes that fit these criteria. If you’ve previously dismissed new builds because you thought they were out of your budget, it’s time to think again.
The price gap between newly built homes and existing homes is shrinking. Lending Tree explains that while new builds have historically been more expensive, that difference has been getting smaller recently. In some areas, the cost to build a new home versus buying an existing one is roughly the same. CNBC also notes that while new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed. Plus, some builders are offering price cuts and mortgage rate buy-downs to make new homes even more attractive.
Today, many buyers are finding new builds worth considering. As Freddie Mac points out, more buyers are opting for new homes as the supply of existing homes remains low and prices continue to rise.
However, it’s important to remember that buying a newly built home is not the same as buying an existing one. Builder contracts come with different fine print, so it’s crucial to partner with a knowledgeable real estate agent who can help you navigate the market, understand builder reputations, and scrutinize contracts.
Exploring newly built homes can expand your options and might even be more affordable than you thought. Happy house hunting!
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