4 reasons to consider a new construction home – especially right now.
If you’re a buyer still searching for your next home, don’t forget to look at new construction properties. One could be everything you’re looking for. We’ve written about new construction before, but it’s important to repeat the message, especially since there are now more new build options available on the market than ever in recent years.
Here are a few reasons house hunters of all kinds might look at new properties.
There are more new homes for sale right now. We all remember the headlines that builder confidence was low last fall and winter, but now that group is feeling more optimistic. Just consider these stats. In March, 33% of listings nationwide were new homes in various stages of construction, according to data from the National Association of Home Builders. For comparison, the average for new-home listings was about 13% from 2000 to 2019.
Builders/developers can often make you a deal. More than half of builders (54 percent) say they offered incentives to bolster sales in May, according to NAHB data. These include covered closing costs, mortgage rate buydowns and more. In addition, lenders can often offer a variety of loans on a new construction home because banks love new construction for the same reason homeowners do. Everything is new and supposed to be in perfect working order.
New homes are still customizable. Building a new home allows you to have a say in everything from the layout, to the color selections, and anything in between. However, even if you choose a builder-designed home, you’ll have a say on many things, including paint and appliances.
Lower operating and maintenance costs. This one sounds obvious – everything is new, after all, but it’s a good reminder that you’re not going to get anything more turnkey than a new construction home.Even if new construction options have a higher sale price – which isn’t always true – it’s important to consider the added level of efficiency, peace of mind and lower maintenance costs that a new home will likely give you.
The bottom line is overall inventory will continue to be an issue all summer – and likely beyond that. However, if you see a new home listing you like during your search, you should go check it out. Want more tips on how to find the perfect new construction home for you? Click here.