Great news for potential home buyers out there! You might have thought that newly constructed homes are always pricier than pre-existing ones, but that's not always the truth. In fact, the hunt for a brand-new home can often lead you to some pretty impressive deals, particularly in the current market. Sounds surprising, right? But the data doesn’t deceive us.

Here are two compelling reasons why partnering with your real estate agent to explore new home constructions could open doors to an unexpectedly affordable option.

Reason 1: Newly Built Homes Have Lower Median Prices

You heard it right! The median sales price for new constructions is actually lower than the median price for existing homes today. As per the latest figures from Census and the National Association of Realtors (NAR), this might raise eyebrows, but it's valid.

What's the reason behind this? It's simple. Builders are tuned into what's sellable. Right now, there's an authentic demand for smaller, more affordable homes – that's precisely what they're supplying to the market. As there is an abundance of newly built homes currently on the market compared to the last few years, builders are eager to sell their existing inventory before adding more.

Reason 2: Appealing Incentives Offered by Home Builders

Another compelling reason to contemplate a newly built home is the slew of incentives many home builders are offering. Builders are keen to sell their current stock, and some are offering enticing deals to lure homebuyers. As HousingWire reports:
“Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May.”

One of the most attractive incentives right now is competitive mortgage rates offered by builders. They might also offer additional incentives, like covering closing costs, or providing free upgrades.

Why Should This Matter to You?

Exploring the option of a newly constructed home could uncover opportunities you might not have previously considered. With competitive prices and appealing incentives, you might discover that a brand-new home is the most enticing option for you.

In Summary

Purchasing a home is a significant decision, and it's crucial to consider every available option. By investigating newly built homes, you might stumble upon a perfect match for your requirements and your budget.

Let's venture into this exciting journey together. If you have any queries or if you're curious to see what's out there, don't hesitate to get in touch with a local real estate agent.