Buying a home this spring? You’re probably navigating today’s affordability challenges and dealing with the limited number of homes for sale. But what if there was a solution that could help with both?
If you’re having difficulty finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes.
Here’s why.
New Home Construction Is an Inventory Bright Spot
When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019.
So, if you want to expand your pool of options even more, turning to newly built homes can help.
And the good news is there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green):
Starts, or homes where builders just broke ground, have seen a big increase lately. And completions, homes that builders just finished, are also up significantly. So, if you want a new, move-in-ready home or you want to get in early and customize your build along the way, reach out, as I have more options for you right now.
Builders Are Offering Incentives To Help with Affordability
And to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for home buyers right now. This can help offset today’s affordability challenges and get you into your dream home.
Just remember, buying from a builder differs from buying from a home seller, so it’s important to partner with a trusted realtor. Builder contracts can be complex. A trusted agent will be your advocate throughout the process.
They’ll be your go-to resource for advice on construction quality and builder reputation, reviewing and negotiating contracts to get you the best deal, helping you decide which customizations and upgrades are most worthwhile, and much more.
If you’re struggling to find a home to buy, or with today’s affordability challenges, let’s connect to see if newly built homes could be the solution you’re looking for.