Explore the Potential of Newly Built Homes with REMAX Heritage in Orlando’s Four Corners Area This Spring
Embarking on the journey of purchasing a home this spring? You might find yourself grappling with the current affordability hurdles and the scarcity of available homes for sale. However, what if there’s a game-changing solution waiting for you?
If the quest for a home that truly resonates with you feels like searching for a needle in a haystack, and fluctuating mortgage rates are tightening your budget, it might be time to turn your gaze towards newly constructed homes. Here’s why they could be the perfect fit for you.
New Home Construction: A Beacon in the Inventory Landscape In your pursuit of a home, you have the choice between existing homes (previously owned) and newly built ones. Despite a notable increase in existing homes for sale this year, the inventory remains tighter compared to more conventional years in the housing market, such as 2018 or 2019.
In such a scenario, venturing into the realm of newly constructed homes can significantly expand your horizon of options. As noted by Danielle Hale, Chief Economist at Realtor.com:
“The shortage of existing homes for sale has widened the scope of new-home construction to encompass more buyers who may not have previously considered it.”
Excitingly, the current landscape boasts a wealth of newly built homes to select from. Utilizing data from the Census, recent spikes in new home construction are evident, offering a plethora of options for those seeking either a move-in ready home or the opportunity to customize their dream abode along the way.
Builders Are Rolling Out Incentives to Tackle Affordability Challenges
Builders Are Rolling Out Incentives to Tackle Affordability Challenges Adding to the allure, builders are enticing prospective buyers with incentives like mortgage rate buy-downs and other perks. This not only alleviates the strain posed by today’s affordability challenges but also brings you closer to realizing your homeownership dreams. Mark Fleming, Chief Economist at First American, elucidates why builders might be more flexible in offering incentives compared to individual homeowners:
“Builders aren’t tied down by locked-in rates. Their primary goal is to sell homes because they don’t inhabit them. Consequently, it’s costly for them not to sell. Moreover, many public home builders have affirmed their commitment to offering incentives, particularly mortgage rate buydowns, ensuring a buoyant performance in the new-home market during the spring home-buying season.”
A report from HousingWire underscores the momentum behind builders’ incentives, with 60% of respondents reporting their utilization, up from 58% in February.
However, it’s crucial to recognize that purchasing from a builder differs from buying from a homeowner. Therefore, it’s imperative to collaborate with a local real estate agent who can navigate the intricacies of builder contracts. A trusted agent will serve as your advocate, offering invaluable insights on construction quality, negotiating contracts, advising on customizations and upgrades, and more.
