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Incentives are available for new homes

Friday, September 2, 2022   /   by Laura Larson

Incentives are available for new homes

According to the Census Bureau, builders are on track to finish more than a million new houses this year. Suppose you've had problems locating a home to buy over the previous year. In that case, it could be time to look for new constructions and the incentives that go along with them in collaboration with your real estate agent. This is why.

More newly built homes are available
You have the option of buying a newly built home or an existing one (one that has already been built and owned by someone else). The fact is that builders are closely monitoring current market trends. As such, builders are decreasing the pace of new constructions as a result of increases in mortgage rates and the resulting reduction of consumer demand. They want to avoid overbuilding and having an excessive amount of inventory in their pipeline after learning their lesson from the 2008 housing meltdown.

In general, even though there are more recently constructed homes available than at any time in recent memory, many builders prefer to sell their present stock before adding much more, and that's where you can really profit. Builders might be more accommodating to buyers now. A recent poll found that 83% of builders have lowered their pricing in the previous three months.

What That Means for You
You should be happy to hear that there are currently a good amount of freshly constructed homes on the market and that most builders are lowering their prices. It implies that if you include newly constructed homes in your search, you would have additional options and possibly some much-needed relief.

Bottom Line
If you’re ready to buy, it may be time to look for a newly built home. To learn what’s available in your area and what incentives these builders are offering, work with Laura Larson now!