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Consider These Top 2 Reasons for Opting for a Newly Constructed Home
When envisioning your future abode during the moving process, the image of your dream home likely dances through your mind. However, if the notion of purchasing a newly constructed home hasn’t crossed your radar, it’s time to reconsider. Here are two compelling reasons why, as guided by a seasoned real estate agent:
1. Expanded Options with Newly Constructed Homes
The real estate market offers two primary categories of homes: new constructions and existing dwellings. While the latter has traditionally dominated the market, the landscape is shifting. Data from reputable sources such as the Census and the National Association of Realtors (NAR) reveals a notable surge in newly built homes now constituting a larger portion of the housing inventory.
Historically, from 1983 to 2019, newly constructed homes represented a modest 13% of the total inventory. However, in recent times, this figure has surged to over 33%.
This uptick in new constructions doesn’t signify an oversaturation by builders; rather, it addresses a pressing housing shortage. For prospective buyers like you, this surge translates into expanded options for your housing search.
2. Affordability Surprises with Newly Built Homes
The assumption that newly constructed homes are beyond one’s budget is worth revisiting. Builders respond to market demands, and the current trend leans towards smaller, more affordable housing options. Consequently, the price gap between new constructions and existing homes is narrowing.
Builders are focusing on constructing smaller homes at lower price points, making homeownership within reach for many. Some builders even sweeten the deal with price cuts and mortgage rate buy-downs. As a result, the affordability of newly built homes may surprise you.
Navigating the nuances of buying a newly constructed home requires expertise, given the divergent nature of builder contracts. Partnering with a local agent well-versed in the market dynamics, builder reputations, and contract intricacies is invaluable. With their guidance, you can confidently explore this option.
In Conclusion
To explore what builders are offering in your area, let’s connect and delve into the options together. Additionally, widening your search radius to include neighboring towns can further expand your choices.
