According to a recent announcement by the US Census Bureau, builders are expected to construct more than a million new homes countrywide by the end of 2022. So, if you’ve been struggling to find a new home in the last few years, now is the time to work with a reliable realtor to consider a new house and the incentives that come with it.
Let us find out why.
Increased Availability of Newly Constructed Homes
When it comes to buying a house, you can choose between an already built home or a newly built one. While the supply of existing homes is currently on the rise, it’s still challenging to find the right one.
On the other hand, the inventory of newly constructed houses is also increasing. Hence, a newly built home may be just what you’ve been looking for. With the increasing mortgage rates and slowing buyer demands, builders are quite cautious about their moves, thereby slowing the pace of new builds. The housing crash of 2008 will have taught them a lesson, so they are avoiding over-building. Further, builders are focussing on selling their existing inventory before adding more, and that’s where buyers can really benefit.
According to a recent survey, nearly 83% of builders have reduced their prices (mostly through home buying incentives) over the last three months because they are more willing to work with buyers right now. What does this mean for buyers?
With reduced property prices and the current supply of newly built homes for sale, buyers can live their dream of owning their homes. They now have more options at affordable prices if they buy a newly built home, offering some much-needed relief.
The Takeaway
If you are a buyer looking for a newly built home, it is the right time to start your house hunt to benefit from home-buying incentives. To know what’s available in your area and what incentives are available, get in touch with professionals at Levin Rinke today!