Are you feeling hesitant about selling your current home because you’re concerned about finding the perfect place to move? The solution might be closer than you think – in the form of a new build. Let’s explore why opting for new construction could be the best decision for you, especially in today’s real estate market.
Abundance of New Home Inventory
New build homes are increasingly dominating the housing market inventory. Recent data from the National Association of Home Builders (NAHB) reveals that in November, newly built homes accounted for a remarkable 31% of the total homes available for sale. This figure significantly surpasses the historical average of approximately 12%.
Moreover, the Census Bureau’s statistics indicate a surge in both housing starts and completions, indicating a promising trend in the construction sector. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), emphasizes the necessity for further home building to address the ongoing housing shortage in most markets.
Benefits for Homebuyers
So, how does this surge in new construction benefit you as a homebuyer? Firstly, it substantially widens your range of options in the housing market. Imagine moving into a home where everything is brand new – from appliances to paint – requiring minimal maintenance. It’s an appealing prospect, isn’t it?
Additionally, some builders are offering enticing incentives, such as mortgage rate buy-downs, to attract potential buyers. This means you could potentially afford more home while keeping your monthly payments manageable. Patrick Duffy, Senior Real Estate Economist at U.S. News, highlights how builders are increasingly offering rate buydowns for the entirety of the loan, allowing buyers to maximize their purchasing power.
Navigating the Process
Buying a new build involves a different process than purchasing an existing property. It’s essential to enlist the guidance of a trusted real estate agent who is well-versed in the local market dynamics. Your agent will serve as your advocate, assisting you in coordinating with the builder, reviewing contracts, and navigating any complexities that may arise.
If you’re feeling hesitant about selling your home due to limited housing options, exploring newly built homes could be the key to unlocking your next chapter. By partnering with a knowledgeable real estate agent, you can explore all available options, including the burgeoning inventory of newly constructed residences in our area.
At Onward, we’re dedicated to helping you find the perfect home to meet your needs and preferences. Whether you’re considering a newly built home or exploring other possibilities, our team is here to guide you through every step of the process. Get in touch with us today to embark on your journey towards finding your dream home.