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 working with your agent to look into new home construction could help you find a more budget-friendly option .
Reason 1 : Lower Median Prices for Newly Built Homes
From Your President of the Pee Dee REALTOR ® Association Amy McCalman Kirby
A Newly Built Home May Actually Be More Budget-Friendly
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 ):
Reason 2 : Attractive Incentives from Home Builders
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 . Housing- Wire 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 .
Why This Matters to You
Considering 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 .
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 .
Bottom Line
Buying a home is a big decision , and it ’ s essential to consider all your options . By looking into newly built homes , you might find a perfect fit for your needs and your budget .
Let ’ s explore the possibilities . If you have any questions or want to see what ’ s available , feel free to reach out to a local REALTOR .
10 - REAL ESTATE WEEKLY www . peedeerealestateweekly . com Equal Housing Opportunity