With so few homes for sale, more homebuyers are choosing to purchase new home, creating a surge in new home sales in March. New home sales in the US were up 9.6& in March (683,000) up from 623,000 in the prior month and this was much higher than market experts predicted (634,000).
Home buyers continue to find the housing market competitive due to limited options. Many current homeowners with low mortgage rates are choosing to stay put instead of selling their home. Builders continue to offer incentives such as interest rate buy downs, covering closing costs, or price incentives to make their homes even more attractive to prospective home buyers. What is also surprising is 1 in 3 homes for sale are new builds which is up from 1 out of 10 homes in a more balanced real estate market.
Even though buyers are finding success with new homes, there are not many “deals” to be had. Due to supply/demand as well as increase construction costs, new home prices are averaging around 10-15% higher than existing homes.
I have helped many buyers purchase a new home and have several under contract right now. It’s important you have an experienced agent on your side when buying a new home. We can ensure you receive the best price and incentives, help you make sense of & compare the builder lender options to your outside lender to determine which is actually in your best interest. We can also help guide you through the process and provide a second set of eyes to ensure your purchase stays on track. Give me a shout if you want to talk further and see if a new home may be right for you!
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