“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.
Bottom Line
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.
The Perks of Selling Your House When Inventory Is Low
Buyers have fewer choices now than they did in more typical years. And that’s why you could see some great perks if you sell today.
Why Home Prices Keep Going Up
Even though higher mortgage rates has caused buyer demand to moderate, home prices are going back up is because there still aren’t enough homes for sale for all the people who want to buy them.
Are Higher Mortgage Rates Here To Stay?
Experts typically recommend focusing your search on the right home purchase — not the interest rate environment.
Key Skills You Need Your Listing Agent To Have
A listing agent, also known as a seller’s agent, helps market and sell your house while advocating for you every step of the way.
Are You a Homebuyer Worried About Climate Risks?
Homebuyers are interested in finding out if the house they want will be exposed to things like floods, extreme heat, and wildfires.
Home Prices Are Not Falling
Don’t fall for the negative headlines and become part of this statistic. Remember, data from a number of sources shows home prices aren’t falling anymore.