If you put a pause on your home search because you weren’t sure where you’d go once you sold your house,
it might be a good time to get back into the market. If you’re willing
to work with a trusted agent to consider a newly built home, you may
have even more options and incentives than you realize. That may be why
the National Association of Home Builders (NAHB) says the share of buyers looking for new construction is increasing:
“According to the quarterly Housing Trends Report, the popularity of new construction homes is continuing to rebound . . .”
Here’s a few reasons more buyers may be drawn to newly built homes.
More Options To Choose from and Potential Builder Incentives
When looking for a home, you can choose between existing homes (those
that are already built and previously owned) and newly constructed
ones. While the inventory of existing homes has increased this year,
it’s still below more typical years like 2019. Currently, according to the National Association of Realtors (NAR), there is a 3.2-month supply
at the current sales pace. For reference, a roughly 6-month supply is
considered a balanced market, leaving us in a sellers’ market today.
While it’s a smaller segment of the overall inventory of homes for
sale, the supply of newly built homes has grown even more. The National Association of Home Builders (NAHB) explains:
“New single-family home inventory remained elevated at a 9.2 months’ supply (of varying stages of construction). A measure near a 6 months’ supply is considered balanced.”
Here’s why this matters for you. While you have more homes to choose
from in either category, there’s one extra benefit of newly built homes.
Because the inventory of newly built homes has grown so much,
builders are motivated to sell their properties before they build more.
Back in the housing crash of 2008,
builders were building too many homes, and that oversupply is part of
what contributed to the housing bubble bursting. Now, builders don’t
want to have a surplus of inventory in their pipeline, and many are
offering buyers incentives to help move that inventory along. As Doug
Duncan, Chief Economist at Fannie Mae, explains:
“. . . a continual increase in the number of
completed homes available for sale is now occurring, with the
inventories of such homes now at the highest level since July 2020. . . .
This suggests to us that builders may be increasingly willing
to offer more aggressive incentives and discounts to maintain sales of
While specifics will vary by builder and market, some buyers are
seeing builders reduce prices and offer incentives. To find out what’s
available in your area, lean on a trusted real estate professional.
Lifestyle Benefits of Buying a Newly Built Home
In addition to more supply and the potential for builder incentives,
newly built homes have various benefits that may suit your lifestyle.
For example, you likely won’t have as many little repairs to tackle,
like leaky faucets, shutters to paint, and other odd jobs around the
house. That can free up time for you to do other things you’re
Another perk of a new home is that nothing in the house is used. It’s
brand new and uniquely yours from day one. You’ll have all new
appliances, windows, roofing, and more. These things can help lower your
energy costs, which can add up to significant savings over time. You
may even have the latest and greatest technology features built into
your new home.
Buildersums up why some buyers today are turning to newly built homes:
“For some, it’s the lure of something new and modern.
For others, it’s the move-in ready experience. And now there’s another
factor to consider when making this decision: technology.”
If any of these benefits appeal to you, it’s time to connect with a trusted real estate advisor to learn more.
If you’re considering a newly built home, let’s connect so you have
an expert guide on what’s available in our local market. Together we’ll
explore your options and the benefits of an all-new home.
If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information you seek through an alternate communication method. Canyon is an Equal Opportunity Employer and supports the Fair Housing Act.