Newly Constructed Residence: When orchestrating a relocation, it's natural to speculate about your eventual destination and envision your forthcoming abode. You might have a clear mental image of your ideal home, but unless you've predetermined that a newly constructed residence is your preference, you might not have considered this alternative.
A reliable real estate agent can guide you through two compelling reasons to reconsider this option:
- Broadening Your Horizons with Newly Built Homes: In today's housing market, there are primarily two categories of homes: new and existing. A newly built home refers to a property that has recently been constructed or is currently in progress, while an existing home has been previously inhabited by another homeowner. Presently, the supply of existing homes is limited, but there's potential for exploration in the realm of newly built homes.
Data sourced from the Census and the National Association of Realtors (NAR) underscores that newly constructed homes constitute a larger segment of today's housing inventory compared to historical norms. Traditionally, from 1983 to 2019, newly built homes comprised only 13% of the total homes available for sale. However, this figure has now surged to over 33%.
Despite this increase in new construction, builders are not overshooting the mark. Even with heightened activity in new construction, there remains a significant shortage of housing overall. Yet, for prospective buyers like you, this upswing in new builds presents an opportunity by expanding your array of choices during the search process.
- Affordability of Newly Constructed Residence: If you've previously dismissed the notion of purchasing a new build due to presumed budget constraints, it's time to reassess. The price disparity between newly constructed homes and existing properties is narrowing, thanks to strategic market dynamics.
Builders are responsive to demand and are attuned to the need for more accessible options, particularly smaller homes at lower price points. Consequently, they are concentrating efforts on constructing residences that cater to these preferences. Consequently, the price gap between new and existing homes is diminishing. Some builders are even offering incentives such as price reductions and mortgage rate buy-downs to sweeten the deal further.
Today, there are compelling reasons to consider newly constructed homes, as evidenced by the growing interest among buyers. However, it's crucial to recognize that purchasing a newly built home entails distinct considerations compared to acquiring an existing one, including nuances in builder contracts. Therefore, it's advisable to collaborate with a knowledgeable local agent who can navigate the market landscape, evaluate builder reputations, and provide insights into contract specifics, ensuring you make an informed decision.
In Summary: If you're intrigued by the prospect of exploring newly constructed homes in our area, let's connect and explore these options together. Additionally, expanding the scope of your search to encompass neighboring towns could further enhance your possibilities.