Are you hesitating to put your home on the market because finding the perfect home seems like an insurmountable challenge? Perhaps it's time to shift your focus to the realm of newly built homes, where a plethora of benefits awaits. Here's why you should seriously consider making the move.
Unprecedented Surge in New Home Inventory
The landscape of the housing market is evolving, with newly built homes taking center stage. According to the latest report from the National Association of Home Builders (NAHB):
"Newly built homes available for sale constituted 31% of the total homes available for sale in November, a stark contrast to the historical average of approximately 12%."
This surge implies that more than twice the usual percentage of homes available for purchase are newly constructed. The good news doesn't end there – additional data from the Census reveals a rise in both housing starts (commencement of new construction) and housing completions (recently finished homes).
Contrary to concerns about an oversupply, 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 Benefits You
With the current scarcity of existing homes for sale, the surge in new-home construction presents a game-changing scenario, offering you a wider array of options in your home search.
Imagine stepping into a home that's brand new – from top to bottom. New appliances, pristine paint, minimal maintenance requirements – the allure is undeniable. What's more, this dream might be more attainable than you think. Some builders are sweetening the deal by offering mortgage rate buy-downs to homebuyers. As Patrick Duffy, Senior Real Estate Economist at U.S. News, points out:
"Builders have been using mortgage interest rate buydowns for many years as a sales incentive... Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount."
However, bear in mind that the process of purchasing from a builder differs from buying from a traditional seller. Engaging a trusted real estate agent familiar with the local market is crucial. They will serve as your guide, assisting with builder coordination, contract reviews, and more.
If you're eager to sell and make a move but are struggling to find the perfect home, it's time to connect with us. A local expert can navigate you through all your options, including the enticing array of newly built homes in our area. Open the door to your dream home – it might just be waiting for you in the form of a freshly constructed masterpiece.
Your Home Sold Guaranteed Realty understands the effort it takes to sell a house. To make your life easier, we have compiled these valuable resources for you - completely FREE of charge! MORE
At Your Home Sold Guaranteed Realty, we are dedicated to making the process of buying a new home stress-free. To ensure your comfort, convenience and peace of mind throughout your search for a property, we have assembled an extensive selection of resources tailored to fit every person's unique needs - all complimentary and without obligations! MORE