Exploring Newly Built Homes: Top Benefits for Today’s Buyers
When planning your next move, considering a newly built home might just be the strategic decision that leads you to successfully find your dream home. With an increasing number of brand-new properties hitting the market, and builders now focusing on more affordable, compact designs, newly built homes offer unique advantages. We’ll explore some of these in this post.
1. Increased Availability of Newly Built Homes
The real estate market is currently witnessing a significant shift. The stock of existing homes remains low, making it challenging for many buyers to find homes that meet their criteria. However, the landscape for newly built homes is changing for the better. The share of newly constructed homes available has surged to 28.8% of the market, a substantial increase from historical norms (see below).
Newly built homes for sale
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), highlights the robust performance of newly built homes, noting, “Newly constructed home sales are set to mark one of their best years in over a decade, with homebuilders actively contributing to about one-third of the total inventory.”
This isn’t a result of overbuilding but a necessary response to over a decade of underbuilding, providing more options for buyers like you.
2. Increasing Affordability of Newly Built Homes
If you’re wondering whether new constructions fit your budget, there’s good news. The average cost of newly built homes has recently decreased. Builders are keenly aware of the affordability issues plaguing many buyers and are responding by constructing smaller, more budget-friendly homes that do not compromise on quality.
As Realtor.com reported, “Builders are responding to market demands by focusing on smaller, more affordable newly built homes, increasing the chances for buyers to find properties within their budget.”
Choosing the Right Newly Built Home
Purchasing a newly built home involves different considerations than buying an existing property. We encourage you to research further and understand the nuances of new constructions, builder reputations, and the critical aspects of contractual agreements, but working with a knowledgeable real estate agent will set you up for success. And pairing up with an experienced mortgage broker, like us, will help you understand your mortgage opportunities as well.
A newly built home might just be the opportunity you need to realize your home-buying aspirations. Whether it’s the appeal of modern designs, the promise of fewer repairs, or the allure of customizable features, new constructions are worth considering. If you’re interested in exploring what new home builders in your area have to offer, connect with our team at Colorado Lending Team and discover the possibilities together.
Disclaimer: The information provided in this article is based on current trends and should be used as a guide. Always consult with a professional for personalized advice and up-to-date insights.
