Top 2 Reasons To Consider a Newly Built Home

Are you planning a move and wondering what your future home will look like? You might have a specific picture in your mind, but have you considered a newly built home? Many people overlook new home construction, but a trusted real estate agent can walk you through these two compelling reasons to consider a newly built home.

1. Expand Your Options with Newly Built Homes

When searching for a home, you have two primary options: new homes and existing homes. A newly built home is either just completed or still under construction, while an existing home has been previously lived in. Currently, the inventory of existing homes is tight, but newly built homes could offer you more choices.

According to data from the Census Bureau and the National Association of Realtors (NAR), newly built homes make up a more significant portion of today's housing inventory than usual. From 1983 to 2019, newly built homes comprised only 13% of the total inventory of homes for sale. Today, that number has climbed to over 33%.

Despite the increase in new construction, there is still a significant housing shortage overall. However, the rise in new builds can be a game-changer for your home search, providing more options and flexibility.

2. Newly Built Homes May Be More Affordable Than You Think

You might think newly built homes are out of your budget, but the price gap between new and existing homes is shrinking. Builders are responding to market demand by constructing smaller, more affordable homes.

As LendingTree explains:

"In the past, newly built homes have been much more expensive than existing homes — but that gap has been getting smaller recently. In some places today, you may find that the cost to build versus buy is roughly the same."

Additionally, CNBC notes:

"While new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed..."

Some builders are even offering price cuts and mortgage rate buy-downs to attract buyers. With these incentives, newly built homes might be more affordable and appealing than you initially thought.

Considerations When Buying a Newly Built Home

It's important to remember that purchasing a newly built home is different from buying an existing one. Builder contracts have different terms and fine print. Partnering with a local real estate agent who knows the market, builder reputations, and contract details is crucial. This expert guidance will help you navigate the unique aspects of buying a new home.

Bottom Line

If you want to explore what builders are doing in our area, let’s connect and check out the options together. If you're willing to cast a wider net, we can broaden your search to include nearby towns, giving you even more possibilities. A newly built home might be the perfect fit for your needs and budget.