Budget-Friendly Benefits of Opting for a Newly Built Home.
If you're currently in the market for a new home, there's some exciting news awaiting you. While many assume that newly constructed homes come with a higher price tag compared to existing ones, this isn't always the case. Delving into the realm of newly built homes can oftentimes unveil more budget-friendly options, particularly in today's market landscape. Surprising as it may seem, the data speaks for itself.
Here are two compelling reasons why collaborating with your agent to explore new home construction might lead you to a more economically viable choice.
Reason 1: Reduced Median Prices for Newly Constructed Homes
Presently, the median sales price for newly built homes sits below that of existing homes. This fact, backed by the latest data from the Census and the National Association of Realtors (NAR), might raise eyebrows, but it holds true.
This trend is fueled by builders focusing on constructing homes that cater to current demand. The market is calling for smaller, more affordable homes, and builders are responding accordingly. Additionally, there's an uptick in the number of newly built homes available, spurring builders to move existing inventory before introducing new properties.
Reason 2: Lucrative Incentives from Home Builders
Another compelling reason to contemplate a newly constructed home stems from the varied incentives offered by many builders. With the goal of clearing their existing inventory, numerous builders are rolling out attractive deals to entice potential buyers. As reported by HousingWire, the use of sales incentives saw a rise to 61% in June, marking an increase from 59% in May.
Among the array of incentives, competitive mortgage rates stand out as a key attraction. Builders may sweeten the deal further by covering closing costs or throwing in complimentary upgrades.
Why This Is Significant for You
The prospect of purchasing a newly constructed home can introduce unforeseen advantages. Armed with competitive pricing and appealing incentives, you may discover that a brand-new home holds the strongest allure for your specific circumstances.
In Conclusion
Acquiring a residence is a pivotal decision, necessitating a thorough exploration of all available choices. Venturing into the realm of newly built homes could unveil the ideal match for your preferences and financial considerations.