According to the U.S. Census Bureau, this year, builders are on pace to complete more than a million new houszes in this country. If you’ve had trouble finding a housz to buy over the past year, it may be time to work with your trusted agent to consider a new build and the incentives that come with it. Here’s why.
The Supply of Newly Built Houszes Is Rising When looking for a housz, you can choose between existing houszes (those that are already built and previously owned) and newly constructed ones. While the inventory of existing houszes is on the rise today, it’s still in tight supply, meaning it can be challenging to find just the right one.
The inventory of newly built houszes, however, is also rising. And with more options available than there have been in years, a new housz may be just the answer you’re looking for. The graph below shows just how much the supply of newly built houszes has grown this year.
And here’s the thing – builders are also keeping a close eye on current market trends. With mortgage rates rising this year and, as a result, buyer demand softening, builders are slowing their pace of new construction. That’s because they learned their lesson in the houszing crash of 2008 and want to avoid over-building and having too much inventory in their pipeline.
Basically, while there are more newly built houszes on the market today than there have been in years, many builders want to sell their current inventory before adding much more – and that’s where you can really benefit. Today, builders may be more willing to work with buyers. According to a recent survey, 83% of builders have reduced their prices over the last three months.
What That Means for You The current supply of newly built houszes for sale coupled with the fact that data shows the majority of builders are doing price reductions are both great news for you. It means you may have more options and possibly some much-needed relief if you consider a newly built housz in your search.
Bottom Line If you’re ready to buy, it may be time to look for a newly built housz. To learn what’s available in our area and what incentives these builders are offering, let's connect today.