You may have heard that more brand-new homes are available right now than usual. Currently, about one in three homes on the market are newly built. So, what are the benefits of buying a newly built home in 2024?
Why Buying a Home in 2024 Isn’t Like 2008
The 2008 housing crash was partly due to an oversupply of homes. However, today’s situation is different. While new home construction has increased, builders are not overbuilding; they’re simply catching up after years of underbuilding. Recent data shows we are only now meeting the long-term average for annual home construction.
Builders Are Adapting by Building More New Homes
Builders are adjusting their pace in response to high mortgage rates and changing buyer demand. They are being cautious to avoid overbuilding, unlike in 2008. The latest data from the Census on housing starts and permits indicates that builders are slowing their pace appropriately, ensuring they do not repeat past mistakes.
More Options for Buyers
If you’re considering a newly built home, now might be the best time to buy. Builders are slowing down on new permits, so the current peak in new home options may not last. With more choices available now, you can find a home that fits your needs perfectly.
Work with our Real Estate Agents
Navigating the housing market can be complex, especially with new construction. Our local real estate agents can provide valuable insights into builder reputations, quality of construction, and the best neighborhoods for new homes. They can also help you understand financing options and guide you through the buying process.
Bottom Line
While it’s true new home construction is a bigger segment of the market than the norm, that’s not a bad thing. Builders aren’t overbuilding, and they’re responding to market signals to avoid repeating the mistakes of 2008. If you want to buy now while new home options may be at their peak, reach out to our local real estate agents.
For more tips and insights on buying new homes, check out our Common Homebuying Mistakes (and How to Avoid Them). Discover how you can make the most of the current market conditions and find your dream home today.