Why You Might Want to Consider a Brand-New Home:
When you're in the midst of planning a relocation, it's natural to ponder the eventual destination and the characteristics of your forthcoming abode. Perhaps you've already conjured a specific image of your dream home. However, unless your journey into this process commenced with a clear preference for purchasing a newly constructed residence, the notion of new home construction might not have crossed your mind.
A reliable real estate agent can guide you through reconsidering this option for two compelling reasons.
- Expanded Options with Newly Built Homes The housing market typically offers two categories of homes: new and existing. A newly built home refers to a property recently constructed or currently under development, while an existing home has previously housed occupants. Presently, the supply of existing homes is constrained, but opportunities abound on the new construction front.
- Surprising Affordability of Newly Built Homes: You might still harbor doubts about the feasibility of purchasing a newly constructed residence. If you've previously dismissed this option under the assumption that it falls beyond your financial reach, it's time to reconsider. The price discrepancy between newly built and existing homes is narrowing, for several reasons.
Builders respond to market demand by constructing homes that meet current needs, including smaller and potentially more affordable options. Consequently, they are increasingly focusing on smaller homes at lower price points. This shift is evident in the diminishing price gap between new and existing homes, as illustrated below:
According to LendingTree, "In some places today, you may find that the cost to build versus buy is roughly the same." CNBC notes that "the price gap has significantly narrowed" between new builds and existing homes. Moreover, some builders are offering incentives such as price cuts and mortgage rate buy-downs to entice buyers.
Numerous factors make new builds a compelling option worth considering. As Freddie Mac observes, "more buyers are choosing to purchase new homes than in previous years," given the limited supply of existing homes and the persistent rise in prices. However, it's crucial to recognize that purchasing a newly built home entails distinct considerations compared to buying an existing one, including variations in builder contracts. Therefore, enlisting the expertise of a local agent familiar with the market, builder reputations, and the intricacies of such contracts is invaluable.
In summary, Why You Might Want to Consider a Brand-New Home if you're interested in exploring what builders are offering in our area, let's connect and explore together. Additionally, if you're open to expanding your search radius to encompass nearby towns, we can discuss broadening your options further.