The current pace of new construction means buyers have more options.
Should you buy new construction? The U.S. Census Bureau estimates that there will be more than a million new homes built in 2022. This is great news for buyers who have been struggling to find a home in the competitive market of the last two years. Because more new homes are being built, there are more options for buyers to choose from. As a result, there are also more resale homes on the market.
That doesn’t mean that things are on track to last, however. Builders learned their lesson from the housing crash of 2008, so the pace of new construction has slowed down as rates have increased.
“Buyers now have more options.”
Overall, what this means for buyers is that builders have a larger existing inventory they are looking to sell before adding more to their pipelines. Savvy buyers can take advantage of the fact that builders are likely more willing to work with them in this kind of climate. In fact, according to recent surveys, 83% of builders have reduced their prices over the last three months. With more options and more negotiable builders, it may be a good time to start considering new homes in your real estate search.
So if you are looking to buy in the current real estate market, please call or email me. I would be happy to answer any questions that you may have.