Why a Newly Built Home Might Be the Move Right Now

Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today’s market. Here’s why.

There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you’re not looking at newly built homes, you’re missing out on a big portion of what’s available.

And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.

Builders Are Cutting Prices

According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB):

“Almost 40% of home builders reduced sales prices in the last month . . .”

That means builders are being realistic about today’s market and adjusting to what buyers can afford. It’s their way to keep their inventory moving.

So, builders may be more willing to negotiate price than you’d expect – and that means your dollar may go further if you buy a newly built home. Lean on your agent to see what’s available and what incentives builders are offering in and around your area.

Builders Are Offering Lower Mortgage Rates

Here’s something most people don’t know: buyers of brand-new homes often get better mortgage rates than buyers of existing homes.

That’s because many builders are also offering rate buydowns to make their homes more attractive and keep sales moving. Basically, they’re willing to chip in to lower your rate, so you’re more likely to buy one of their homes.

In fact, in recent years, buyers of newly built homes have consistently gotten mortgage rates around half a percent lower than those who bought existing homes.

That kind of savings adds up—and makes a big difference when you’re figuring out your monthly budget.

So, What Should You Do?

If you haven’t found something you love yet, it’s time to add newly built homes to your search. You may find that what you’ve been looking for is already out there—it’s just in a new home community.

Bottom Line

More choices, the potential to negotiate on the price, and maybe even better mortgage rates make newly built homes a bright spot in today’s housing market.

If you haven’t considered a newly built home yet, what’s holding you back?

Connect with me at 917-254-2103. My goal is to help you accomplish yours!

To connect with me directly, contact me at 917-254-2103. For your FREE Home Evaluation, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.