It can be a good time to resume your home hunt if you put it on hold because you need help figuring out where to go after selling your home. You could have more alternatives and incentives available to you than you think if you’re prepared to consider buying a newly constructed house with the help of a reliable agent.
Here is the most substantial justification for why new houses could lure more purchasers:
There are more options and potential builder incentives.
You can buy a newly built house or an existing one (one already created and owned by someone else). Despite an increase this year, the supply of existing homes is still less than in years like 2019, which are more regular. There is now 3.2 months’ worth of inventory at the current sales rate, according to the National Association of Realtors (NAR). We are now in a sellers’ market since, as a point of comparison, a balanced market has an approximate 6-month supply.
The supply of freshly constructed homes has increased even though it represents a lower portion of the overall inventory of homes for sale.
Here is why this is significant to you. Although more homes are available in each category, freshly constructed homes offer an additional advantage. Builders are driven to sell their homes before they start on new ones since the inventory of recently built homes has risen significantly.
Builders built too many homes before the 2008 housing catastrophe, which is one of the factors that led to the housing bubble bursting. Builders are now trying to move their inventory since they don’t want an excess of it in their pipeline.
Although specifics depend on the builder and the market, some purchasers have reported getting price reductions and incentives from builders. Consult a reliable real estate expert to learn what’s available in your region.