“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.
Many homeowners have enough equity in their homes today to be able to sell their houses instead of foreclosing.
The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn.
With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership.
Recent trends suggest that the housing market will continue its strong momentum in the months to come.
he demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes.
According to the most recent data from CoreLogic, the average homeowner gained $9,800 in equity over the past year which can make moving up a real possibility.