Are you delaying your selling plans because you're concerned about finding a new home you love? If that's the case, it might be a good idea to think about a newly constructed home and all the perks that come with it. Let me tell you why.

Near-Record Percentage of New Home Inventory

So, get this - the latest report from the National Association of Home Builders (NAHB) found that newly constructed homes are becoming a much bigger deal in today's housing market.

“Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”
— National Association of Home Builders (NAHB)

So, it turns out that the percentage of brand new homes among all the homes available for sale is more than double the usual rate. And guess what? There are even more new homes coming up soon!

Hey, did you hear the latest Census data? It looks like there's been an increase in the number of new homes that are being started by builders, as well as the number of homes where construction has just been finished!

Don't sweat it if you see lots of new homes popping up. Actually, it's great news! Lawrence Yun, the top economist at the National Association of Realtors (NAR), says there's no need to worry about too many houses being built.

“Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .”
— Lawrence Yun, Chief Economist at the National Association of Realtors (NAR)

How This Helps You

Since there aren't many existing homes for sale at the moment, the rise in new-home construction could really shake things up for you by offering more choices for your search.

Imagine being in a brand new home - with all new appliances, freshly painted walls, and minimal maintenance because everything is new. It's like a dream, right?

Getting your dream home might be more achievable than you thought! Some builders are even offering cool stuff like mortgage rate buy-downs for homebuyers. This could make it easier for you to afford your dream home despite today's challenges. I read this article by Patrick Duffy, Senior Real Estate Economist at U.S. News, and he talks all about it.

“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . .Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.”
— Patrick Duffy, Senior Real Estate Economist at U.S. News

When you're purchasing a home directly from a builder, it's a whole different ball game compared to buying from an individual seller. That's why it's super important to team up with a reliable real estate agent who's familiar with the local market. They'll handle everything from working with the builder to going through contracts and so much more.

Bottom Line

If you're struggling to find a new home you love while also trying to sell your current one, I'm here to help. Let's chat so I can assist you in exploring all your options, including the newly constructed homes in our area.