Here are a few benefits of buying new and resale homes.
New home supply has been building and building over the last 10 years, to the point where now, there is more inventory of brand-new homes than ever before in that period. It’s only finally just starting to slow down because there aren’t as many buyers purchasing homes in general. Interest rates are still very good, but they’ve been creeping up and down this year.
If you bought a new home now, you’d still get all the perks, but in this market, you’d also have more to choose from. Due to that, builders will start providing more incentives to buyers to entice them to buy new instead of getting a resale home. It’s simple economics: The more supply, the less demand, and the less supply, the more demand.
On the resale side, a similar thing is happening in terms of incentives, only the incentives for resale homes include lower price ranges, sellers making repairs or giving buyers credit for them, or assistance with closing costs.
As you think about which type of home you’re looking to buy, keep an eye out for these trends. Give us a call and we’ll keep you updated throughout the year and let you know what the market looks like as it continues to transition. If you have any other questions, don’t hesitate to reach out to us!