A Newly Built Home May Actually Be More Budget-Friendly
If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.
Here are two key reasons working with your agent to look into new home construction could help you find a more budget-friendly option.
The median sales price for newly built homes is lower than the median sales price for existing homes today. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):
Why is that? Builders are focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.
Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for homebuyers. HousingWire explains today’s trend:
“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”
One of the most appealing incentives right now is how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades.
Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you.
Buying a home is a big decision, and it’s essential to consider all your options. By looking into newly built homes, you might find a perfect fit for your needs and your budget.
Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to reach out.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The Home Run Team, Ltd. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The Home Run Team, Ltd. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Now that it’s September, all eyes are on the Federal Reserve. But what does this mean for the housing market, and more importantly, for you as a potential homebuyer or… Read more
Are you on the fence about whether to sell your house now or hold off? It’s a common dilemma, but here’s a key point to consider: your lifestyle might be the biggest f… Read more
With the new year coming around, the housing market is sure to change. Here's what the forecasts are saying for 2025.
If you’re thinking about downsizing, you may be hearing about 55+ communities and wondering if they’d be a good fit for you. Here’s some information that could help.
There are many mistakes a homeowner can make when selling their house. Here are the top 4.
If you've been watching the house market recently, you know sellers have had the upper hand. But is that going to shift now that inventory is growing?
Thinking about buying a home? Here's how mortgage rates can change your purchasing power.
Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.
You’re probably curious about what the election might mean for the housing market – and if it’s still a good time to make your move.
We're here to help people live wealthier lives and enjoy more freedom by educating and guiding them through their lifelong real estate journey. Whether you're buying a home, looking to sell or relocate, or are an investor, we can help you. No agents will work harder for you, because to us, going to bat for you, isn't work. That's just what you do when you're a team.