“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’re building the home of their dreams.”
When you’re ready to buy, you’ll 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’re 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 homebuyers 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’re 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’re thinking of buying a home, you may want to consider a new build to meet your family’s needs. Let’s get together to discuss the process and review what’s available in our area.
To view original article, visit Keeping Current Matters.
Be careful not to let big myths keep you and your family out of the housing market. Let’s connect to discuss your options today.
There are many benefits to working with a real estate professional when selling your house. Find out why.
If you’re a retiree with a single-family home and want to move closer to your family, now is the time to put your house on the market.
The housing market has made a full recovery, and all-time low interest rates are giving home buyers a big boost in purchasing power.
Single-story homes have a lot of benefits and are often in higher demand. This bodes well for future resale opportunities.
When it comes to pricing your home, the goal is to increase visibility and drive more buyers your way.