A Newly Constructed Residence Can Potentially Be More Economical (Budget-Friendly)

A Newly Constructed Residence Can Potentially Be More Economical (Budget-Friendly)

If you are currently in the market for purchasing a home, there is some exciting news for you. Many individuals assume that newly built homes are more costly than existing ones (homes that have previously been inhabited), but this is not always the case. In fact, exploring newly constructed homes can often lead to more cost-effective alternatives, particularly in today’s market. This may be hard to believe, but the data supports it. Here are two significant reasons why collaborating with your real estate agent to explore new home construction can help you discover a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Constructed Homes

Presently, the median sales price for newly constructed homes is lower than that of existing homes. While this may come as a surprise, it is supported by the latest data from the Census and the National Association of Realtors (NAR). Why is this the case? Builders are focused on constructing homes that they can sell. Currently, there is a genuine demand for smaller and more affordable homes, and builders are meeting this demand by bringing such properties to the market. Additionally, there is a larger inventory of newly constructed homes available compared to previous years, which motivates builders to ensure they sell their existing stock before adding more.

Reason 2: Attractive Incentives from Home Builders

Another compelling reason to consider a newly constructed home is the array of incentives offered by many home builders. Since builders aim to sell their current inventory, they often provide special deals to entice homebuyers. Housing Wire highlights the current trend of increased usage of sales incentives, with June recording a 61% usage rate compared to 59% in May. One particularly appealing incentive is the competitive mortgage rates that builders can offer. They may also cover closing costs or provide free upgrades.

Why This Is Relevant to You

Exploring the option of a newly constructed home can reveal opportunities that you may not have previously considered. With competitive pricing and attractive incentives, you may find that a brand-new home is the most appealing choice for you.

In Conclusion

Purchasing a home is a significant decision, and it is crucial to consider all available options. By exploring newly constructed homes, you may discover a perfect fit for your needs and budget. Let’s embark on this journey together. If you have any inquiries or wish to explore the available options, please do not hesitate to reach out.

Sources: www.simplifyingthemarket.com