Planning on Buying a Home? Be Sure You Know Your Options!
When you are ready to buy, you will need to determine if you prefer the charm of an existing home or the look and feel of a newer build. With limited existing home inventory available today, especially in the starter and middle-level markets, many Buyers are considering a new home that’s recently been constructed, or they are building the home of their dreams.
According to Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB),
“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.”
This is great news for Buyers because it means there is additional inventory coming to the market, giving Buyers more choices. The most recent data from NAHB shows,
“The inventory of new homes for sale was 321,000 in September, representing a 5.5 months’ supply. The median sales price was $299,400. The median price of a new home sale a year earlier was $328,300.”
Another added bonus is that builders are very aware of Buyer demand in this segment, so they are now building in a price range where there are more interested Buyers ($299,400 instead of $328,300). With a reduced sales price and low-interest rates, today’s Buyers have strong purchasing power.
If you are thinking of buying a home, you may want to consider a new build to meet your family’s needs. We can help you maximize your return-on-investment on a new build too. Let’s get together to discuss the process and review what’s available in our area.