If you’re in the market to buy a home, there’s some exciting news: newly built homes might be more budget-friendly than you think. Many assume these homes are more expensive than existing ones, but current data tells a different story. Here’s why exploring new home construction with your agent could lead to cost-effective options.
Lower Median Prices for Newly Built Homes
Surprisingly, the median sales price for newly built homes is currently lower than that for existing homes. Builders are focusing on creating smaller, more affordable homes to meet demand. Additionally, with more newly built homes on the market, builders are motivated to sell their inventory, often at competitive prices.
Attractive Incentives from Home Builders
Many home builders are offering attractive incentives to sell their current inventory. These can include competitive mortgage rates, covering closing costs, or offering free upgrades. In June, the usage of sales incentives was up to 61%, highlighting the trend of builders sweetening deals for buyers.
Why This Matters to You
Considering a newly built home could provide opportunities you hadn’t thought of before. With competitive pricing and attractive incentives, a brand-new home might be the perfect fit for your needs and budget.
Bottom Line
Buying a home is a big decision, and exploring all your options is crucial. Newly built homes offer competitive prices and appealing incentives. If you have any questions or want to see what’s available, reach out to a local real estate agent.