Add Your Heading Text Here
Why You Should Seriously Consider a Newly Built Home
Are you hesitant about selling your home due to concerns about finding a suitable new place? Consider the advantages of opting for a newly built home. In this article, we’ll explore the increasing prevalence of new home inventory and how it can benefit you as a homebuyer.
I. Current Landscape of New Home Inventory
A. Near-Record Percentage
The National Association of Home Builders (NAHB) reports that newly built homes accounted for 31% of total homes available for sale in November, significantly surpassing the historical average of 12%.
B. Upward Trend in Construction
Recent Census data indicates a rise in housing starts and completions, signaling a positive trend in new home construction.
C. Positive Outlook
Chief Economist at the National Association of Realtors (NAR), Lawrence Yun, reassures that the increase in home construction is good news, stating that the market can easily absorb another 30% rise in home building.
II. Benefits for Homebuyers
A. Expanded Options
With the limited supply of existing homes for sale, the surge in new-home construction provides you with a broader range of choices during your search.
B. New and Improved
Imagine residing in a home entirely new, from appliances to fresh paint, resulting in reduced maintenance needs. This prospect becomes even more appealing as some builders are offering mortgage rate buy-downs, enhancing affordability.
C. Financing Incentives
Patrick Duffy, Senior Real Estate Economist at U.S. News, notes that builders are increasingly offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.
III. Navigating the Process
A. Partnering with a Real Estate Agent
Buying from a builder differs from buying from a home seller. Engage with a trusted real estate agent familiar with the local market to facilitate coordination with the builder, review contracts, and provide valuable guidance.
IV. Conclusion
If you’re striving to sell your home to facilitate a move but are struggling to find an ideal new residence, connecting with a local expert is key. An experienced real estate agent can help you explore all your options, including the newly built homes in your area.
Frequently Asked Questions
How does the percentage of newly built homes compare to historical averages?
– The percentage of newly built homes available for sale is well over two times higher than the historical average of approximately 12%.What benefits do newly built homes offer in terms of maintenance?
– Newly built homes typically require less maintenance due to the presence of new appliances and fresh paint.How can mortgage rate buy-downs benefit homebuyers?
– Mortgage rate buy-downs can enhance affordability by allowing buyers to finance more home for the same payment amount.Why is partnering with a real estate agent important when buying from a builder?
– Buying from a builder involves a different process than buying from a home seller, and a real estate agent can provide essential guidance in coordinating with the builder and reviewing contracts.What role does the Chief Economist at the National Association of Realtors (NAR) play in the discussion on home construction?
– Lawrence Yun, Chief Economist at NAR, emphasizes that the housing market can easily absorb another 30% rise in home construction, indicating a positive outlook for the industry.
