The Pros of Building in This Market
Are concerns about finding a suitable home delaying your selling plans? If that's the case, it might be worthwhile to consider the advantages of opting for a newly constructed home. Here's why:
A Significant Portion of Current Inventory is Newly Built
The housing landscape is witnessing a notable increase in the share of newly built homes. The latest report from the National Association of Home Builders (NAHB) reveals that, in November, newly built homes available for sale constituted 31% of the total homes on the market. This is a substantial increase compared to the historical average of around 12%.
Encouraging Trends in Housing Starts and Completions
Recent data from the Census indicates a rise in both housing starts (initiation of new home construction) and housing completions (homes that have just been finished). While some may express concerns about an oversaturation of homes, experts like Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), view this increase positively. Yun notes that additional home construction is necessary to address the persisting housing shortage in most markets.
Benefits for Homebuyers
With the current shortage of existing homes for sale, the surge in new-home construction provides more options for homebuyers. Imagine residing in a home that's brand new, featuring modern appliances, fresh paint, and minimal maintenance requirements. Moreover, this might be more attainable than you think. Some builders are offering incentives such as mortgage rate buy-downs for homebuyers, helping counteract affordability challenges and enabling buyers to afford more home for the same payment.
Understanding the Process
It's crucial to recognize that the process of buying from a builder differs from buying from an individual seller. To navigate this, partnering with a trusted real estate agent who understands the local market is essential. They can guide you through coordinating with the builder, reviewing contracts, and more.
In Conclusion
If you're eager to sell but struggling to find a suitable home, connecting with a local Gunter & Associates real estate agent is a wise move. We can explore all your options, including newly built homes in the area, ensuring you make an informed decision tailored to your needs. Give us a call at (803) 549-5322.