If you're looking to purchase a home, here's some great news for you. While some might think that newly constructed homes are pricier than existing ones, that's not always true. In reality, checking out newly built homes could possibly uncover more affordable choices, particularly in today's market. Surprising, isn't it? Yet the facts speak for themselves.

When considering new home construction, collaborating with your agent can lead you to a more cost-effective choice for two main reasons.

Reason 1: Lower Median Prices for Newly Built Homes

According to the most recent data from the Census and the National Association of Realtors (NAR), the median sales price of newly constructed homes is currently lower than that of existing homes.

Builders are concentrating on constructing homes that are in demand. Currently, there is a significant need for smaller and more budget-friendly homes, which is why builders are prioritizing these types of properties. Additionally, there is an increase in the number of newly built homes already for sale compared to previous years. As a result, builders are focusing on selling

Reason 2: Attractive Incentives from Home Builders

One more significant factor to think about when looking at a new construction home is the variety of incentives that numerous home builders are currently giving. Builders are looking to move their existing inventory, so they are offering special promotions to entice potential homebuyers. According to a report by HousingWire today:

“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”
— HousingWire

One of the most attractive perks currently available is the competitive mortgage rates offered by builders. They might also include other benefits like covering closing costs or providing free upgrades.

Why This Matters to You

Exploring a newly constructed home might unveil possibilities you haven't considered. With competitive rates and enticing offers, a fresh home could emerge as your top choice.

Bottom Line

Considering all your options is crucial when making the big decision to buy a home. Exploring newly constructed homes could lead you to discover the ideal match for both your requirements and your finances.

Sure, we can discover options together. If you have any inquiries or wish to view what's out there, don't hesitate to get in touch.