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It May Be Time To Consider a Newly Built Home

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If you’re looking to buy a house, you may find today’s limited supply of homes available for sale challenging. When housing inventory is as low as it is right now, it can feel like a bit of an uphill battle to find the perfect home for you because there just isn’t that much to choose from. If you need to open up your pool of options, it may be time to consider a newly built home.

According to the latest data from the U.S. Census, there’s positive news when it comes to new home construction. When you look at the first three months of this year, you’ll find:

  • More new homes were completed and are ready to sell. This gives you more move-in-ready options for your search.
  • Builders broke ground and started construction on more single-family homes. This means there are more homes intended for one household in the beginning stages of construction, allowing you the opportunity to customize one to your liking.
  • The number of permits for building new single-family homes ticked up. This shows builders are ramping up to start on even more home construction soon.

And, while this is all good news for broadening your options for your home search, there are other perks that come with considering a newly built home.

Customization

When you buy a new home under construction, you can tailor it to your unique needs and taste. Bankrate says:

“Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs.”

Brand New Everything

Another perk of a new home is that nothing in the house is used. It’s all brand new and uniquely yours from day one.

Minimal Repairs

And, because everything is new, you’ll likely find there are fewer maintenance and repair needs up front. As Realtor.com explains:

“. . . if something does go wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .”

Energy Efficiency

Lastly, building a home gives you the opportunity to incorporate more energy-efficient options that can help lower your costs over time – which can feel especially important when inflation’s raising many of the costs around you.

Bottom Line

If you’re having trouble finding your dream home in today’s market, it may be time to consider newly built homes as an option. Let’s connect so you have an expert on your side to help you explore what’s available in our local area.

What’s Ahead For Mortgage Rates This Week – May 8, 2023

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What's Ahead For Mortgage Rates This Week - May 8, 2023Last week’s economic news included reporting on construction spending, the Federal Reserve’s decision to raise its benchmark interest rate, and weekly readings on mortgage rates and jobless claims.

Construction Spending Increases in March

The Commerce Department reported that month-to-month construction spending rose by 0.30 percent and year-over-year construction spending increased by $1.83 trillion. Residential construction fell by -0.20 percent in March, which was the tenth consecutive monthly decline in residential construction spending. Non-residential construction spending rose by 0.70 percent in March for the ninth gain in the past 10 months.

Fed Raises Key Interest Rate Range

Federal Reserve policymakers raised the Fed’s key interest rate range by a quarter point to 5.00-5.25 percent at its Federal Open Market Committee meeting held on Tuesday and Wednesday. This was the tenth consecutive rate hike as the Fed continues efforts to control inflation.

Analysts noticed a subtle change in the tone of the Fed’s post-meeting statement and suggested that the less aggressive tone used in the post-meeting statement signaled a softer approach to raising the Fed’s benchmark rate. While some Fed policymakers recently suggested the possibility of a recession, Fed Chair Jerome Powell disagreed: “This is not my own most likely case.” Chair Powell also said that he expected economic growth in 2023 but at a slower pace.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported mixed movement of mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by four basis points to 6.39 percent. The average rate for 15-year fixed-rate mortgages rose by five basis points to 5.76  percent.

Initial jobless claims rose to 242,000 claims filed last week as compared to the prior week’s reading of  229,000 first-time claims filed. Continuing jobless claims fell with 1.81 million claims filed as compared to the prior week’s reading of 1.84 million claims filed.

What’s Ahead

This week’s scheduled economic news includes readings include readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published.

Reasons To Sell Your House Today [INFOGRAPHIC]

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Some Highlights

  • Not sure if selling your house is the right move today? You should know there are a number of reasons it still makes sense to sell now.
  • Your house will stand out because inventory is low. That’s why the number of offers on recently sold homes is on the rise. And most homeowners have a lot of equity that can fuel a move.
  • If you’re thinking about selling your house, let’s connect to discuss if now may be the time to move.

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