When planning to move, newly built homes might not be the first thing that comes to mind. However, the market today offers an increasing number of newly constructed homes, with builders focusing more on smaller, more affordable options, making new construction an excellent choice when buying a home.
Here are reasons to consider new construction and how an agent can help you find a home within your budget.
1. Increased Supply of New Homes
First, let's look at the types of homes available in the market. New construction refers to homes that have just been built or are currently under construction, while existing homes are those that have been lived in by others.
Currently, there is still a limited supply of existing homes. If you're having trouble finding the home you want, expanding your search to include new construction can be a good alternative. In recent years, the share of new homes has increased, providing more options.
From 1983 to 2019, new homes accounted for only about 13% of the total housing inventory, but recent data shows this figure has risen to 28.8%. According to the National Association of Realtors (NAR),
“While existing home sales remain at low levels, new home sales are expected to record one of their best annual performances in the past 15 years. Homebuilders are actively constructing new homes, and new builds now account for about one-third of all housing inventory.”
The increase in new construction is promising, but builders aren’t over-supplying the market; they are simply making up for the supply shortages of the past decade. Although there are still more buyers than homes for sale, the rise in new construction provides more choices, which is great news.
2. New Construction Prices Are Dropping
Worried that new homes might be out of your budget? The average price of new homes has actually decreased compared to last year.
Why is this happening? Builders know that affordability is a top concern for today’s buyers, so they are focusing on building smaller, more affordable homes. This makes it more likely to find a new home within your budget. According to Realtor.com,
“Builders are increasingly offering smaller, more affordable homes on the market, which means buyers will have more options for budget-friendly new construction.”
However, buying a new home is different from purchasing an existing one. The terms of a builder's contract can vary, so it’s important to work with an agent who can help you review the local market, the builder’s reputation, and the fine print of the contract. And, of course, location is crucial. Be sure to double-check the location of any potential property.
Conclusion
New construction can offer a great opportunity for those looking to buy a home within their budget and according to their needs. If you're interested in new construction, connect with a local agent to explore the new home options available in your area. This could be the first step toward making your homeownership dream a reality.
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