Even with more homes on the market right now, some buyers are still having a tough time finding the right one at the right price. Maybe the layout feels off. Maybe it still needs some updating. Or maybe it’s just more of the same.
That’s why more buyers are turning to new construction – and finding some of the best deals available today.
Today, many builders have more homes that are finished and sitting on the market than normal. And that means they’re motivated to sell. They’re running a business, and they don’t want to sit on their inventory. They want to sell it before they build more homes. And that can definitely work in your favor.
Builder incentives are the highest they’ve been in 5 years. Data from the National Association of Home Builders (NAHB) shows 66 percent of builders offered sales incentives in August. That’s the peak so far this year, and the highest percentage we’ve seen in 5 years.
That means 2 out of every 3 builders are offering something extra to get deals done. Price cuts are also back on the table. One of the most common incentives builders are offering right now is adjusting the price. According to NAHB, almost 40 percent of builders are doing price cuts.
On average, they’re taking off about 5 percentage points off the purchase price of the house. For a buyer, 5% could be the difference between reluctantly settling and finally getting a home that works for you.
According to Realtor.com, there are deals to be found in the market for new homes, with builders increasingly willing to negotiate on price or offer incentives such as rate buydowns and closing cost assistance.
Word of Advice: Don’t Go It Alone
If you want to take advantage of this opportunity, be sure to use your own agent. Your agent will:
- Cut through the sales pitch and run the cold, hard numbers
- Spot which incentives are actually worth it
- Handle negotiations so you walk away with the best deal possible
- Keep your best interest as their top priority
Curious how far today’s incentives could stretch your budget? Let’s connect so you can see what builders are offering in our area.
