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 already lived in), but that’s not always the case. Exploring newly built homes can sometimes lead to more cost-effective options, especially today.

Hard to believe. But the data doesn’t lie.

Here are two key reasons why working with your agent to investigate new home construction could help you find a more budget-friendly option.

Reason 1: Lower Median Prices for Newly Built Homes

The median sales price for newly built homes is lower than that 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): The Median Price for New Homes is Coming Down - KM Realty Group LLC, Chicago, Illinois

Why is that? Builders are focused on building what they can sell. And right now, there’s a real need for smaller and more affordable homes – so that’s what they’ve been bringing to the market.

At the same time, more newly built homes are already on the market than over the past few years, so builders are motivated to make sure they’re selling what they’ve got available before adding more.

Reason 2: Attractive Incentives from Home Builders

Another big reason to consider a newly built home is the range of incentives many home builders offer. Again, since builders aim to sell their current inventory, some provide special deals to sweeten the pot for homebuyers.

HousingWire 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 current incentives is how builders can 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 find a brand-new home the most appealing option.

Bottom Line

Buying a home is a big decision, and it’s essential to consider all your options. Looking into newly built homes might help you find a perfect fit for your needs and your budget.

Let’s explore the possibilities together. If you have any questions or want to see what’s available, feel free to chat with the best-rated real estate agents at KM Realty Group LLC.

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