More first-time home buyers are choosing new construction
Rising home prices, low inventory that can make it impossible to find anything to purchase and the prospect of losing bidding wars make this a frustrating time to look for a house, especially for first-time home buyers.
Growing numbers of people looking for their first house are coming up with a new strategy. Instead of competing for the limited number of resale homes on the market, they are buying new.
Buying a new home can be easier than purchasing an existing house. Because they are working directly with the builder, buyers don’t have to compete with other offers. And because the price is set by the builder, buyers know up front what they can expect to pay.
In today’s competitive market where it’s not uncommon for bidders to offer full list price or even more, existing homes are losing their price advantage over new ones.
The lack of inventory is one reason people are coming to new construction.
A lot of people don’t want the hassle of renovating. A lot of it is the ease factor.
Many first-time home buyers want a home designed to their standards, not a fixer-upper. When they learn that new construction can cost about the same, their minds are made up.
Growing numbers of buyers, including first timer home buyers and people who have owned a home before, are looking at new homes. It may be because there’s not much inventory (of existing homes) out there.
Are you a first-time home buyer looking into new construction? Give Land Wealth a call to learn more today.