If you’re looking to buy a home, here’s some exciting news: newly built homes aren’t always more expensive than existing ones. In fact, exploring new builds can sometimes offer more cost-effective options, especially in today’s market. It might sound surprising, but the data backs it up.
Here are two key reasons why collaborating with your agent to explore new home construction might help you find a more budget-friendly option.
Reason 1: New Homes Often Have Lower Median Prices
The median sales price of newly built homes is currently lower than that of existing homes. This might be surprising, but recent data from the Census and the National Association of Realtors (NAR) confirms it.
Why is this happening? Builders are focusing on creating smaller, more affordable homes to meet current market demands. Additionally, there are more newly built homes on the market than in recent years, so builders are eager to sell their existing inventory before constructing more.
Reason 2: Enticing Incentives from Home Builders
Another major advantage of considering a newly built home is the array of incentives offered by builders. To move their current inventory, many builders are offering special deals to attract buyers. HousingWire outlines this current trend:
“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”
One of the most attractive incentives builders offer today is competitive mortgage rates. Additionally, they may cover closing costs or provide free upgrades.
Why This Is Important for You
Exploring newly built homes might reveal unexpected opportunities. With competitive pricing and enticing incentives, a brand-new home could turn out to be your best option.
In Summary
Buying a home is a major decision, so it’s crucial to explore all your options. Considering newly built homes could lead you to a perfect match for both your needs and your budget.
If you have questions or want to see what’s available, don’t hesitate to reach out to an experienced
Benson & Mangold Agent.