Newly built homes- Affordability challenge

Navigating the Spring Housing Market: Could Newly Built Homes Be the Solution to Affordability Challenges and Limited Inventory?

If you're facing difficulties finding a home amidst affordability concerns and a shortage of available properties this spring, consider exploring the option of newly constructed homes. Here's why:

New Home Construction Presents an Inventory Bright Spot:

When searching for a home, you have the choice between existing homes (previously owned) and newly built ones. Despite an increase in existing homes for sale this year, inventory remains lower than in past years like 2018 or 2019. Turning to newly constructed homes can expand your options, as explained by Danielle Hale, Chief Economist at Realtor.com.

Builders Are Offering Incentives to Enhance Affordability:

Builders are providing incentives such as mortgage rate buy-downs to assist homebuyers in tackling affordability challenges. Mark Fleming, Chief Economist at First American, notes that builders have more flexibility to offer incentives compared to typical homeowners. According to HousingWire, the use of sales incentives among builders is on the rise.

Partnering with a Local Real Estate Agent is Key:

Buying from a builder differs from buying from a traditional home seller, so it's crucial to work with a local Real Estate agent. Your agent will serve as your advocate, offering guidance on construction quality, negotiating contracts, and assisting with customization decisions.

If you're struggling to find a home amidst affordability challenges, consider exploring newly built homes as a potential solution. Connect with us to explore whether newly constructed homes align with your needs and preferences.