Why You May Want To Seriously Consider a Newly Built Home

<article class="post-909665 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-909665"><span class="entry-date">January 16, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Why You May Want To Seriously Consider a Newly Built Home</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Why+You+May+Want+To+Seriously+Consider+a+Newly+Built+Home&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhy-you-may-want-to-seriously-consider-a-newly-built-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Why You May Want To Seriously Consider a Newly Built Home Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240116-Why-You-May-Want-To-Seriously-Consider-a-Newly-Built-Home.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>Are you putting off your plans <a href="https://www.simplifyingthemarket.com/2023/12/29/the-benefits-of-working-with-an-agent-when-you-sell-your-house-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">to sell</a> because you’re worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here’s why.</p>
<h4><strong>Near-Record Percentage of New Home Inventory</strong></h4>
<p>Newly built homes are becoming an increasingly significant part of today’s housing inventory. According to the most recent report from the <a href="https://www.nahb.org/news-and-economics/press-releases/2023/12/new-home-sales-down-in-november-but-should-improve-moving-forward" rel="noopener noreferrer" target="_blank"><em>National Association of Home Builders</em></a> (NAHB):</p>
<blockquote><p>“<em>Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”</em></p></blockquote>
<p><strong>That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. </strong>And even more new homes are on the way. </p>
<p><a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf" rel="noopener noreferrer" target="_blank">Recent data</a> from the <em>Census</em> shows there’s been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped). </p>
<p>And while some people may worry builders are building too many homes, that isn’t a concern – if anything, the recent increase is really good news. As Lawrence Yun, Chief Economist at the <em>National Association of Realtors</em> (NAR), <a href="https://www.nar.realtor/magazine/real-estate-news/home-sales-start-to-rise-building-momentum-for-2024" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“Even more home building will be needed with the housing shortage persisting in most markets . . . </em><strong><em>Another 30% rise in home construction can easily be absorbed in the marketplace</em></strong><em> . . .”</em></p></blockquote>
<h4><strong>How This Helps You </strong></h4>
<p>Since the supply of existing <a href="https://www.simplifyingthemarket.com/2023/12/18/why-now-is-still-a-great-time-to-sell-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homes for sale</a> is still low right now, the increase of new-home construction can be a game changer because it gives you more options for your search. </p>
<p>Picture yourself in a home that’s new from the ground up: new appliances, fresh paint, fewer maintenance needs because everything is new, and so much more. Doesn’t that sound nice? </p>
<p>And it may be more within reach than you ever imagined. In addition, some builders are offering things like mortgage rate buy-downs for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. In a recent article, Patrick Duffy, Senior Real Estate Economist at <em>U.S. News, </em><a href="https://realestate.usnews.com/real-estate/articles/things-to-know-before-building-a-new-home" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . .</em><strong><em>Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount</em></strong><em>.”</em></p></blockquote>
<p>Just remember, the process of buying from a builder is different from buying from a home seller, so it’s important to partner with a trusted <a href="https://www.simplifyingthemarket.com/2023/12/21/sell-smarter-why-working-with-a-real-estate-agent-may-beat-going-solo/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> who knows the local market. They’ll be your go-to resource for coordinating with the builder, reviewing contracts, and more.</p>
<h3>Bottom Line</h3>
<p>If you’re trying <a href="https://www.simplifyingthemarket.com/2023/12/22/get-your-house-ready-to-sell-this-winter-infographic/" rel="noopener noreferrer" target="_blank">to sell</a> so you can make a move but you’re having a hard time finding a home you like, connect with a local real estate agent to explore all of your options, including the newly built homes in our area.</p>
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