Newly built houses for sale - should you look for them today
Find out how the current housing market prices and overall situation affect the decision to look for newly built houses for sale.
When considering buying a newly built home, it’s essential to understand both the advantages and potential challenges. On the positive side, newly built homes often feature modern designs and the latest technology, making them more energy efficient and appealing to many buyers. Additionally, you’ll have more control over your home’s layout, finishes, and features, allowing you to create a space optimally suited to your needs and preferences.
There are also some potential downsides to consider. Newly built homes may be more expensive than older ones, especially if you’re looking to buy in a popular area with high demand. Furthermore, building a new home often involves many decisions and can be a complex process, which may not be for everyone.
Table of Contents
Newly Built Houses May Have the Incentives You’re Looking for
According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new homes in our country. If you’ve had trouble finding a home to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.
The Supply of Newly Built Homes Is Rising
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 inventory of existing homes is on the rise today, it’s still in tight supply, meaning it can be challenging to find the right one.
The inventory of newly built homes, however, is also rising. And with more options available than there have been in years, a new home may be the answer you’re looking for. The graph below shows how much the supply of newly built houses has grown this year.
And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the housing crash of 2008 and want to avoid over-building and having too much inventory in their pipeline.
Basically, while there are more newly built houses on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. According to a recent survey, 83% of builders have reduced their prices over the last three months.
What That Means for You
The current supply of newly built houses for sale, coupled with the fact that data shows the majority of builders are doing price reductions, are both great news for you. It means you may have more options and possibly some much-needed relief if you consider newly built homes in your search.
Additionally, mortgage rates are at their lowest since 2020. Covid crisis and the mortgage pre-approval process have never been easier and quicker.
Bottom Line
If you’re ready to buy, it may be time to look for newly built houses for sale.
Let’s connect today to learn what’s available in our area and what incentives these builders offer.