Why Now Could Be the Perfect Time for a Newly Built Home

If you’re looking for a better home price or even a lower mortgage rate, you might find both in the same place — a newly built home. While many buyers overlook new construction, it could be your best opportunity in today’s market.

Right now, there are more brand-new homes available than just a few months ago. According to the latest data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. If you’re not exploring newly built homes, you could be missing a significant portion of the available inventory.

With more options on the market, builders are motivated to sell — and they’re taking steps to make their homes more appealing.

Builders Are Cutting Prices

According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB): "Almost 40% of home builders reduced sales prices in the last month . . ."

Builders understand today’s market and are adjusting to meet buyer budgets. That means they may be more open to price negotiations than you’d expect. Your money could go further, especially when you work with a professional who knows where to find the best deals and incentives.

Builders Are Offering Lower Mortgage Rates

Here’s something most buyers don’t realize new construction often comes with better mortgage rates than existing homes.

That’s because many builders are offering rate buydowns to make their homes more attractive. In other words, they’re willing to help lower your rate so you’re more likely to purchase their property.

Data from Realtor.com shows that in 2023 and 2024, buyers of newly built homes secured mortgage rates about half a percent lower than buyers of existing homes. That difference can have a big impact on your monthly budget.

Why This Matters for Your Search

If you haven’t yet found the home you’re looking for, it may already exist in a new home community. More selection, the chance to negotiate price, and the possibility of a lower mortgage rate make new construction a bright spot in today’s market.

Bottom Line

Newly built homes offer opportunities that could make your next move more affordable and less stressful.

If you’re curious about what’s available and whether a newly built home is the right fit for you, call me, Teresa Hill , and let’s explore your options together.

*Information sourced from Zillow, Cencus, NAR, Realtor.com, & Keeping Current Matters