For the first time in decades, newly built homes are selling for less than existing homes, creating new opportunities for buyers. This according to a report from Fortune Magazine. Builders are responding to affordability challenges by lowering prices, offering incentives, and increasing discounts to attract buyers as higher mortgage rates continue to slow demand.
Meanwhile, existing home prices remain at record highs making many older homes more expensive than new construction. For buyers and investors, this shift means it may be worth comparing new builds alongside resale homes, as today’s best value could be found in the new construction market.
We have personally helped several clients purchased new construction in the last several years as investment vehicles. The homes are often in planned neighborhoods with good schools and rent out faster than remodeled homes built in the 20th century.
Please reach out to set up a call to hear about new build incentives.