After years of underbuilding, there’s a historically low number of homes available on the market. With so few houses for sale these days, it may make sense to consider purchasing a newly built home instead of an existing home. With the number of new homes being built each year on the rise, you may want to consider the pros of owning a new build.
For starters, there are builder incentives that can provided a nice boost to buyers. In fact, nearly two-thirds of builders offer incentives such as mortgage buydowns, paying points for buyers, and even price reductions. A builder who is willing to pay to reduce your mortgage rate could be a real game changer. Even a one percentage-point decline in mortgage rates has the same impact on affordability as an 11 percent decline in house prices. That’s quite an impact.
Another major pro of buying a newly built home is the fact that your maintenance costs will be lower. New homes are built to last, so the lower need for routine upkeep will not only save you monthly, but will also make it easier to get a home warranty. Also considering monthly expenses, think about how energy efficient a new home is. A new home will retain heat better in the winter and air better in the summer due to their thicker, dual-pane windows and insulated walls, resulting in lower monthly bills.
Working with a trusted real estate professional in your local market will make the process smooth and help guide you in the right direction. Myself and my team are available to find you the best builder incentives that make sense for you.
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