When you’re planning a move, a brand-new home might not be the first idea that pops into your head. However, with an increasing number of new homes available and builders prioritizing smaller, more affordable options, considering a newly built home might be the perfect solution to help you achieve your homebuying goals.

A new build could be a great option for you, and here's why. An agent can assist you in finding a home that aligns with both your needs and your budget.

1. More Newly Built Homes Are Available Right Now

Let’s break down the different types of homes available. A newly built home is one that has just been completed or is still in the construction phase. In contrast, an existing home refers to a property where someone has already lived.

The current inventory of existing homes for sale is still limited. If you're having trouble finding a home that fits your needs, consider widening your search to include new constructions. There are currently more newly built homes on the market than usual, which could really increase your choices.

From 1983 to 2019, newly built homes represented just 13% of all homes available for sale. However, recent data shows that this figure has now increased to 28.8%.

As Lawrence Yun, Chief Economist at the National Association of Realtors, points out,

““Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of its best annual performance in 15 years . . . The new home inventory has been consistently rising with homebuilders getting active and making up around 1/3 of total inventory.”
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— Lawrence Yun, Chief Economist at the National Association of Realtors (NAR)

The increase in new home construction is a positive sign, but you can relax knowing that builders aren’t going overboard. They're just catching up after more than ten years of not building enough homes. There are still many more buyers than available houses. The good news for you is that with more newly built homes, you'll have more choices in your search.

2. Newly Built Homes Are Becoming Less Expensive

Not sure if a new build is the right choice for you or if it fits your budget? The good news is that the average cost of newly built homes has decreased compared to last year.

Builders understand that affordability is a key concern for homebuyers these days. That's why they're concentrating on creating smaller homes that can be sold at lower prices, increasing their chances of making sales. As stated by Realtor.com:

““Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly-built homes that fit their budget.”
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— Realtor.com

Keep in mind that purchasing a newly constructed home is different from buying an existing one. Builder contracts come with their own unique details. It's important to work with a local agent who understands the market, has insights on builder reputations, and knows what to look for in those contracts.

Bottom Line

Depending on your needs and budget, a new build could be the perfect chance to turn your homebuying dreams into reality. If you're interested in a brand-new home, let’s connect so you can see