A Newly Built Home May Actually Be More Budget-Friendly

A Newly Built Home May Actually Be More Budget-Friendly

If you’re looking to buy a home, here’s some exciting news: many people assume that newly built homes are more expensive than existing ones, but that’s not always true. In fact, exploring newly built homes can sometimes be more cost-effective, especially in today’s market. It might sound surprising, but the data supports this.

Here are two key reasons why working with your agent to explore new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is currently lower than the median sales price for existing homes. This might seem surprising, but it’s true according to the latest data from the Census and the National Association of Realtors (NAR):

Why is that? Builders are focusing on constructing homes that meet current market demands, which means they are building smaller and more affordable homes. Additionally, there are more newly built homes available now than in recent years, so builders are motivated to sell existing inventory before starting new projects.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Since builders aim to sell their current inventory, some are providing special deals to attract homebuyers. HousingWire explains today’s trend:

“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”

One of the most appealing incentives right now is that builders can offer competitive mortgage rates. They may also provide other perks, such as covering closing costs or offering free upgrades.

Why This Matters to You

Considering a newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might find that a brand-new home is the most appealing option for you.

Bottom Line

Buying a home is a big decision, and it’s essential to consider all your options. By exploring newly built homes, you might find the perfect fit for your needs and budget.

Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to reach out.