If you’re thinking about buying a home, you might be focusing on previously owned ones. But with so few houses for sale today, it makes sense to consider all your options, and that includes a home that’s newly built.
While there are more houses for sale right now than there were at this time last year, there’s still a historically low number of home available on the market. One reason for that is years of underbuilding – meaning there haven’t been enough new homes built to keep up with demand.
The graph below shows how low the production of newly constructed homes has been over the past 14 years. But it also shows another important trend: the number of new homes being built each year is on the rise.
And while there’s a growing number of new homes for sale, builders are slowing their pace until they sell more of their current inventory. According to Logan Mohtashami, Lead Analyst at HousingWire: “The builders have to work off the backlog of homes, but instead of 3-4% mortgage rates, they’re dealing with 6%+ mortgage rates, which means they have to provide many incentives to make sure those homes sell.
The best way to decide what type of home to buy is to work with a trusted real estate professional who can help you weigh the pros and cons of each option. They know which homes are available in your local market, and which builders might be offering incentives that make sense for you.
Considering a new build? The Charleston area has some beautiful options! Let’s connect!
Courtesy of Keeping Current Matters