$\"Why$ \n

Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today\u2019s market. Here\u2019s why.<\/p>\n

There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census<\/em><\/a> and the National Association of Realtors<\/em><\/a> (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you\u2019re not looking at newly built homes, you\u2019re missing out on a big portion of what\u2019s available.<\/p>\n

And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.<\/p>\n

Builders Are Cutting Prices<\/strong><\/h4>\nAccording<\/a> to Buddy Hughes, Chairman of the National Association of Home Builders<\/em> (NAHB):<\/p>\n
\u201cAlmost 40% of home builders reduced sales prices in the last month . . .\u201d<\/em><\/p><\/blockquote>\n
That means builders are being realistic about today\u2019s market and adjusting to what buyers can afford. It\u2019s their way to keep their inventory moving.<\/p>\n
So, builders may be more willing to negotiate price than you\u2019d expect \u2013 and that means your dollar may go further if you buy a newly built home. Lean on your agent to see what\u2019s available and what incentives builders are offering in and around your area.<\/p>\n
Builders Are Offering Lower Mortgage Rates<\/strong><\/h4>\n
Here\u2019s something most people don\u2019t know. Right now, buyers of brand-new homes often get better mortgage rates than buyers of existing homes. <\/strong><\/p>\n
That\u2019s because many builders are also offering rate buydowns to make their homes more attractive and keep sales moving. Basically, they\u2019re willing to chip in to lower your rate, so you\u2019re more likely to buy one of their homes.<\/p>\n
Data<\/a> from Realtor.com<\/em> shows, in 2023 and 2024, buyers of newly built homes got a mortgage rate around half a percent lower compared to those who bought existing homes (see graph below<\/em>):<\/p>\n
$\"a$ <\/a>That kind of savings adds up and makes a big difference when you\u2019re figuring out your monthly budget.<\/p>\n
So, if you haven\u2019t found something you love yet, it\u2019s time to add newly built homes to your search. You may find that what you\u2019ve been looking for is already out there, it\u2019s just in a new home community.<\/p>\n
Bottom Line<\/h3>\n
More choices, the potential to negotiate on the price, and maybe even better mortgage rates make these options a bright spot in today\u2019s housing market.<\/p>\n
If you haven\u2019t considered a newly built home yet, what\u2019s holding you back?<\/strong><\/p>\n
Talk to a local real estate agent about what\u2019s available and if a newly built home makes sense for you.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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