Why You May Want To Seriously Consider a Newly Built Home
Are you delaying your decision to sell due to concerns about finding a suitable home for your move? If that’s the case, it might be worth exploring the option of a newly constructed home and the advantages it brings. Let’s delve into the reasons why.
Near-Record Percentage of New Home Inventory
Newly built homes are becoming an increasingly significant part of today’s housing inventory. According to the most recent report from the National Association of Home Builders (NAHB):
“Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”
That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. Additionally, a surge in new homes is anticipated.
Recent statistics from the Census indicate a rise in both housing starts, marking the commencement of construction for new homes, and housing completions, representing homes where construction has recently concluded.
While there might be concerns among some about an excess of homes being built, such worries are unfounded. If anything, the recent uptick in construction is positive news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“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 . . .”
How This Helps You
Given the current scarcity of existing homes available for sale, the rise in new-home construction has the potential to revolutionize your search by providing a broader range of options.
Envision yourself in a home that is entirely new, from the foundation up: modern appliances, a pristine coat of paint, reduced maintenance requirements as everything is brand new, and numerous other benefits. Doesn’t that sound appealing?
Surprisingly, this might be more attainable than you think. Furthermore, some builders are presenting incentives such as mortgage rate buy-downs for homebuyers at this moment. This can help address current affordability challenges while facilitating your entry into your dream home. As highlighted in a recent article by Patrick Duffy, Senior Real Estate Economist at U.S. News:
“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.”
Bottom Line
If you’re aiming to sell and facing challenges in finding a suitable home for your move, let’s get in touch. By doing so, you’ll have the support of a local expert who can assist you in exploring various options, including the newly constructed homes available in our area.
