Why Considering a Newly Built Home Could Be the Right Move
When planning a move, a newly built home might not immediately come to mind. But with more brand-new homes entering the market and builders prioritizing affordability, these homes could be the answer to crossing the homebuying finish line. Here are two major reasons why exploring a new build might make sense for you:
1. Increased Availability of Newly Built Homes
First, let’s break down the types of homes available. A newly built home refers to a house that has just been completed or is under construction, whereas an existing home has already been lived in.
Currently, the inventory of existing homes remains low. If you’re struggling to find something you love in the resale market, expanding your search to include newly built homes can provide more opportunities. In fact, newly constructed homes now make up a significantly larger share of available housing compared to previous years.
From 1983 to 2019, new builds comprised only 13% of the total inventory of homes for sale. Today, that number has climbed to 28.8%, according to recent data. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“Even though existing home sales have been stuck at low levels, newly constructed home sales look to mark one of its best annual performances in 15 years . . . The new home inventory has been consistently rising with homebuilders getting active and making up around 1/3 of total inventory.”
Builders are catching up after more than a decade of underbuilding, which means there are more options for buyers like you. And while demand still outpaces supply, the uptick in new builds can expand your choices and increase your chances of finding the right home.
2. Newly Built Homes Are Becoming More Affordable
Skeptical about whether a new build fits your budget? The average cost of newly built homes has actually decreased compared to last year.
Why? Builders understand that affordability is a top priority for today’s buyers. Many are focusing on constructing smaller, more cost-effective homes to meet the needs of buyers on a budget. According to Realtor.com:
“Builders are increasingly bringing smaller, more affordable homes to the market, so buyers may find more newly built homes that fit their budget.”
However, purchasing a new build differs from buying an existing home. Builder contracts come with unique terms and fine print, making it essential to work with a knowledgeable local agent. They can help you navigate the complexities of builder agreements, understand builder reputations, and ensure the home meets your needs.
Bottom Line
A newly built home might be the opportunity you’ve been waiting for to turn your homebuying vision into reality. With growing inventory and more affordable options, now is a great time to consider exploring this market. Contact us today, and let us guide you toward the perfect new build that meets your needs and budget.
