Now Might Be a Great Time to Consider a New Construction Home

Dated: 11/05/2019

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Once you've made the decision to buy a house, a number of decisions will follow. What kind of house are you hoping to find?  Would you like a house that is being built where you can have input? The unfortunate truth, in our area, is that even with buyers who are ready, willing and able to buy, there is still a shortage of existing inventory.  There are improvements on the horizon however if you are considering a newly constructed home.

According to the National Association of Home Builders (NAHB) Robert Dietz, Chief Economist reported 

“The second half of 2019 has seen steady gains in single-family construction, and this is mirrored by the gradual uptick in builder sentiment over the past few months.”

Homebuyers will be relieved to hear this as it means there will be additional inventory coming to the market, giving buyers more options. The NAHB also reports,

“The inventory of new homes for sale was 321,000 in September, representing a 5.5 months’ supply. The median sales price was $299,400. The median price of a new home sale a year earlier was $328,300.”

Builders have been very aware of buyer demand at this price point, so they’re now building homes that target a greater number of interested buyers ($299,400 instead of $328,300). Two factors influence have a big impact on affordability: a reduced sales price and low-interest rates. 

Bottom Line

If you are thinking about buying a home, you might want to consider buying a new construction house. Builders have increased the number of homes they are building at affordable price points and interest rates remain extremely low. If you'd like to see what is available, let's talk soon!

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Andrea Semanko

As a northwest native, I have a great understanding of Skagit, Island and Snohomish Counties as to their character and growth potential. Drawing on my personal knowledge of schools, recreational facil....

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