Should You Consider Buying a Newly Built Home?

If you’re thinking about buying a home, it makes sense to consider all your options, and that includes a home that’s newly built.

The Number of Newly Built Homes Is on the Rise

There's still a historically low number of homes available on the market. One reason for that is years of underbuilding—meaning there haven’t been enough new homes built to keep up with demand.

As Mark Fleming, Chief Economist at First American, shares:

“While existing-home inventory remains limited, the silver lining for home buyers is that new-home inventory is on the rise, and a new home at the right price is a pretty good substitute.”

Builder Incentives Can Provide a Boost

While there a growing number of new homes for sale, builders are slowing that pace until they sell more of their current inventory. And many builders are now offering incentives to help buyers purchase these homes.

Fleming also explains:

“The National Association of Home Builders reported that nearly two-thirds of builders were offering incentives, including mortgage rate buydowns, paying points for buyers and price reductions, which could entice potential home buyers.”

A builder who’s willing to pay to reduce your mortgage rate could be a game changer. Ksenia Potapov, Economist at First American, puts it this way:

“A one percentage-point decline in mortgage rates has the same impact on affordability as an 11 percent decline in house prices.”

Should You Buy a Brand-New Home?

The best way to decide what type of home to buy is to work with a trusted real estate professional who can help you weigh the pros and cons of each option. DM me so I can help you weigh the pros and cons of shopping for a new home versus an existing one.

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