Are concerns about finding the right home hindering your plans to sell? Consider the advantages of exploring newly built homes. Here's why it could be a game-changer:
Record Percentage of New Home Inventory: The housing landscape is witnessing a substantial increase in newly built homes. According to the National Association of Home Builders (NAHB), newly constructed homes accounted for 31% of the total homes available for sale in November, significantly exceeding the historical average of approximately 12%.
Rise in Housing Starts and Completions: Recent data from the Census reveals an uptick in both housing starts (initiation of new construction) and completions (finished constructions). This surge is positive news, addressing the ongoing housing shortage in most markets, as noted by Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).
Increased Options for Homebuyers: With the supply of existing homes still limited, the surge in new-home construction provides more options for homebuyers. Imagine the appeal of a home that is entirely new – from appliances to paint, with fewer maintenance requirements. Additionally, some builders are offering incentives such as mortgage rate buy-downs, easing affordability challenges for buyers.
Leveraging Mortgage Rate Buy-Downs: Builders are employing mortgage rate buy-downs as a sales incentive, allowing buyers to finance more home for the same payment amount. This can be a compelling option, particularly when interest rates are relatively high.
Navigating the Process: Buying from a builder involves a unique process, distinct from purchasing an existing home. To ensure a smooth experience, it's crucial to partner with a trusted real estate agent familiar with the local market. They will guide you through interactions with the builder, review contracts, and provide valuable insights.
If you're eager to sell and move but struggling to find the right home, let's connect. As your local expert, I can help you explore all available options, including the exciting prospects offered by newly built homes in our area.
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