BLOGS

Top 2 Reasons to Consider Newly Built Homes

When searching for your next home, a newly built property might not be your initial thought. However, with more new homes entering the market and builders focusing on affordability, a brand-new home might be the perfect solution to achieving your homeownership dreams.

Here are the top reasons why you should consider a newly built home – and how partnering with a knowledgeable agent can make the process seamless.

1. Greater Availability of Newly Built Homes

Let’s start by understanding the options. A newly built home is either under construction or recently completed, whereas an existing home has been previously owned.

Currently, the number of existing homes for sale is historically low. If your search feels limited, including newly built homes could dramatically expand your options. Recent data shows that newly built homes now make up nearly 29% of the housing inventory – a significant increase compared to the historical average of just 13%. *(see graph below):*

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of its best annual performances in 15 years . . . The new home inventory has been consistently rising with homebuilders getting active and making up around 1/3 of total inventory.”

This surge in new construction doesn’t mean builders are overbuilding. Instead, they’re addressing over a decade of underbuilding, offering you more opportunities without flooding the market.

2. Newly Built Homes Are More Affordable

Worried that a new home might be out of your budget? Think again. The average cost of newly built homes has decreased from last year.

Builders understand that affordability is critical for buyers today. That’s why many are focusing on creating smaller, budget-friendly homes that are more accessible to buyers. As Realtor.com puts it:

“Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly built homes that fit their budget.”

That said, buying a newly built home involves different considerations compared to purchasing an existing home. Builder contracts often have unique terms, making it crucial to work with a local real estate agent who understands the market and builder policies.

Bottom Line

A newly built home could be the perfect fit for your needs and budget, offering modern features and expanded options. Ready to explore what builders in your area have to offer? Let’s connect and start your journey toward finding your dream home today!

| 12-13-2024

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BLOGS

Top 2 Reasons to Consider Newly Built Homes

1. Greater Availability of Newly Built Homes

2. Newly Built Homes Are More Affordable

Bottom Line