New vs. Existing: Why a Newly Built Home Could Be the Better Deal
If you're looking for a new home, you might want to give newly built homes a closer look. Contrary to popular belief, new homes aren't always pricier than existing ones. In fact, they can often be more budget-friendly, especially in today's market. Sounds surprising, right? But let's dive into why this is happening.
New Homes: Surprisingly Affordable
Believe it or not, the median sales price for newly built homes is currently lower than that of existing homes. This might seem counterintuitive, but it's backed by the latest data from the Census and the National Association of Realtors (NAR).
So, why are new homes more affordable? Builders are responding to what buyers want and need. Right now, there's a high demand for smaller, more affordable homes, so that's exactly what builders are putting on the market. Plus, more new homes are available now than in the past few years, and builders are eager to sell them off before starting new projects. This means they're pricing them competitively to attract buyers.
Builder Incentives: Sweetening the Deal
Another reason to consider a newly built home is the array of incentives builders offer. Since they need to move their current inventory, they're pulling out all the stops to make a deal. In fact, sales incentives have been on the rise, with 61% of builders offering deals in June, up from 59% in May.
These incentives can be pretty enticing. Builders might offer competitive mortgage rates, cover closing costs, or throw in free upgrades and features. All of these can add up to significant savings, making a brand-new home an even more attractive option.
The Advantages of Going New
Thinking about newly built homes could open up opportunities you hadn't considered before. With competitive prices and tempting incentives, a brand-new home might be the best option. Plus, new homes come with modern designs, updated technology, and better energy efficiency, saving you money on utilities and maintenance down the line.
Another big plus? Everything is new and under warranty, so you won't have to worry about the usual wear and tear of older homes. This peace of mind can be invaluable, reducing the risk of unexpected repair costs shortly after moving in.
Make the Smart Move
Buying a home is a major decision, and exploring all your options is important. By considering newly built homes, you might find the perfect fit for your needs and budget. With lower median prices and attractive incentives, now is a great time to look into the benefits of a brand-new home.
So, why not give newly built homes a chance? Reach out to your local mortgage pro and see what home financing options are available. You might be pleasantly surprised at how affordable your dream home can be.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.