Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today’s market. Here’s why.
There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you’re not looking at newly built homes, you’re missing out on a big portion of what’s available.
And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.
Builders Are Cutting Prices
According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB):
“Almost 40% of home builders reduced sales prices in the last month . . .”
That means builders are being realistic about today’s market and adjusting to what buyers can afford. It’s their way to keep their inventory moving.
So, builders may be more willing to negotiate price than you’d expect – and that means your dollar may go further if you buy a newly built home. Lean on your agent to see what’s available and what incentives builders are offering in and around your area.
Builders Are Offering Lower Mortgage Rates
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