A Newly Built Home May Actually Be More Budget-Friendly
Real Estate + Economy Megan A. Luther July 29, 2024
Real Estate + Economy Megan A. Luther July 29, 2024
If you’re in the market to buy a home, there’s some exciting news for you. Many people assume that newly built homes are more expensive than existing ones (houses that have already been lived in), but that’s not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially today. Hard to believe, right? But the data doesn’t lie.
Here are two key reasons to look into new home construction:
The median sales price for newly built homes is lower than the median sales price for existing homes today. 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 focused on building what they can sell. And right now, there’s a very real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market. At the same time, there are also more newly built homes already on the market than there have been over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.
Another big reason to consider a newly built home is the range of incentives that many home builders are offering. Again, since builders are aiming to sell their current inventory, some are providing special deals to sweeten the pot for 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 how builders are able to offer competitive mortgage rates. They may also provide other incentives, such as covering closing costs, or offering free upgrades.
A newly built home could open up opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, you might just find that a brand-new home is the most appealing option for you. Plus, you can often choose the finishes and final touches that result in a home that is ideal for you.
If you have any questions or want to see what’s available, feel free to reach out.
Stay up to date on the latest real estate trends.
March 10, 2025
Mortgage rates have been trending down lately – and that gives you a chance to jump back in.
February 18, 2025
Some homeowners hesitate to sell because they’ve got unanswered questions that hold them back.
December 21, 2024
As the weather cools down, the housing market can too – and that works in your favor.
November 8, 2024
At a high level, let’s break down what’s happening and the best way to navigate it.
Buyers
October 26, 2024
As rates came down at the end of the summer, sellers started to trickle back into the market.
Homeowners
October 20, 2024
Grand County is a very unique market that takes deep experience to understand.
Real Estate + Economy
October 15, 2024
To give you a ballpark of what to expect, here’s information on the expenses you’ll want to be ready for.
Homeowners
October 5, 2024
Seeing your house sit on the market without any bites is the ultimate frustration.
Mountain Communities
September 22, 2024
With the right experts on your side, you can make sure you’re prepared.
Partner with us, and let's turn your house-hunting adventure into an exciting journey. Your perfect place is just around the corner, and we're here to help you discover it!
