Want to Save Money on a Home?

Plot twist: You're looking to buy a home and realize new construction could potentially help you save.

According to the latest data from the Census and the National Association of Realtors (NAR), the median sales price for newly built homes is currently lower than the median sales price for existing homes today.

How is that possible?
 
Builders are focused on building what they can sell. Right now, the market is demanding smaller, more affordable homes. But, there are newly built homes already on the market, so builders are motivated to make sure they’re selling what they’ve got available before adding more.

Some builders are offering a range of incentives to help move inventory, including competitive mortgage rates, covering closing costs, free finish upgrades, and more.

• In August alone, 33% of builders reduced home prices to stimulate sales, up from 31% in July.
• Builders had an average price reduction of 6% for the 14th consecutive month.
• The use of sales incentives rose to 64%, the highest level since April 2019.

What do you think? Would you consider buying new?