Planning to buy a home soon? Why not go for something brand-new? Because data shows many more buyers are seeing the appeal of new home construction these days, you may find out it’s what you want, too.
The National Association of Realtors (NAR) explains that newly built homes accounted for 15% of all homes sold last year. That’s a significant increase and is the highest percentage in 17 years (see graph below):
NAR surveyed recent buyers to get a closer look at why so many people are opting for a brand-new home. And here are the top reasons why new builds gained so much popularity (see graph below):
Avoiding Renovations or Problems with Plumbing or Electricity (42%)
According to buyers, the first benefit is the peace of mind that comes with getting everything brand-new. Because, let’s face it, buying a home right now is pricey. And with inflation also putting a pinch on your wallet, you want to do everything you can to cut down on additional costs. Enter new builds.
A home that was just built is less likely to have unexpected repairs, which means less maintenance you’ll need to budget for upfront. Plus, since many builders include warranties on their homes, that’s an added layer of protection for your wallet on some of the home’s major systems.
Ability To Choose and Customize Design Features (27%)
You may also personalize parts of the build to your unique tastes. That can be as small as which knobs go on the cabinets and which light fixture goes in the dining room to as big as floor plans and siding color. So, if you’re not finding a home you like, it may be time to build one.
The Amenities of New Home Construction Communities (25%)
Many new developments offer parks, pools, fitness centers, and community spaces. These features could help you feel more connected to your neighborhood and be a great lifestyle perk.
Lack of Inventory of Previously Owned Homes (15%)
Since the supply of existing homes (homes that were previously lived in) is still lower than the norm, more people are asking their agents if they can see what builders have available – and builders aren’t disappointing. New builds make up a more significant portion of the homes available for sale than the norm. So, checking out these homes can open up your pool of options. And don’t worry – builders are not overbuilding. They’re just catching up after years of underbuilding.
Energy Efficiency (14%)
Not to mention, newly built homes usually have the latest energy-efficient materials and technologies. This feels good and can lead to lower utility bills and a reduced environmental footprint. In a U.S. News Real Estate interview with Kevin Morrow, Senior Program Manager at the National Association of Home Builders (NAHB), this topic came up:
“The more energy-efficient mechanics of the house also help reduce utility bills for new home buyers . . . Newly-constructed homes often include green systems and appliances—like high efficiency stoves, refrigerators, washing machines, water heaters, furnaces, or air conditioning units—that homes built years ago might not.”
Smart Home Features (11%)
And last on this list is the integration of innovative technologies. Tech-savvy buyers often want the latest and most significant advancements – new home construction usually delivers.
The Importance of Using Your Agent
Newly built homes are becoming a top pick for buyers, and it’s easy to see why. If you’re feeling motivated to see what’s out there, remember you must have your real estate agent.
Builder contracts often have some complex terms and complicated fine print. If you bring your agent, you’ll have someone to advocate for you, make sure you’re getting quality construction, and guide you through the process from start to finish.
Bottom Line
Imagine skipping the hassle of renovations and having the freedom to choose the exact design features you want. If this sounds good, let’s connect to ensure you have your own agent to help you negotiate with the builder and confidently buy a new home.
