Are you delaying your selling plans due to concerns about finding a suitable home for your move? If so, it might be the perfect time to explore the advantages of opting for a newly built home. Here’s why:

Near-Record Percentage of New Home Inventory: The housing landscape is witnessing a significant shift, with newly built homes constituting an increasingly substantial portion of the current housing inventory. According to the latest report from the National Association of Home Builders (NAHB):

“Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”

This means that the proportion of newly built homes in the market is more than double the usual percentage. Moreover, there is a growing number of new homes in the pipeline, as indicated by recent Census data showing an uptick in housing starts and completions.

And while concerns about an oversupply of homes may arise, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), reassures:

“Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .”

How This Helps You: Given the current scarcity of existing homes for sale, the surge in new-home construction presents a valuable opportunity, expanding your choices during your home search.

Imagine residing in a home built from the ground up – new appliances, fresh paint, minimal maintenance requirements, and more. Doesn’t that sound appealing? Additionally, some builders are offering incentives like mortgage rate buy-downs for homebuyers, addressing affordability challenges and making your dream home more attainable. Patrick Duffy, Senior Real Estate Economist at U.S. News, elaborates:

“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . . Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.”

Just keep in mind that the process of buying from a builder differs from purchasing from a home seller. Therefore, it’s crucial to collaborate with a trusted real estate agent familiar with the local market. They will be your key resource for coordinating with the builder, reviewing contracts, and more.

Bottom Line: If you’re struggling to find a suitable home while aiming to sell and relocate, let’s connect. By doing so, you’ll have a local expert guiding you through all your options, including the newly built homes available in our area.