Over the past year, people have spent more time at home than ever. This means that having the right home is also more important than ever. It’s one of the many reasons the real estate market is so hot — potentially overheating — right now.
Homes for resale are on the market for hours rather than days. Existing house prices on average have jumped 15.8% year-over-year. And, according to the Wall Street Journal, the U.S. housing market is nearly 4 million single-family homes short of the country’s demand.
The frantic real estate market is enough to stress anyone out. However, new build homes provide an excellent opportunity to get everything you want in a house while avoiding the chaos of buying an existing home. Let’s take a look at four ways that new build homes provide a stress-free homebuying experience.
Avoid the bidding wars
With such a heated real estate market, bidding wars have become the norm for houses up for resale. Many potential buyers haven’t bought a house yet because they keep getting outbid. According to the National Association of Home Builders, nearly 70% of potential buyers spent more than three months unsuccessfully searching for a new home and 40% reported outbidding as the reason for their inability to buy.
Sounds stressful, right? New build homes offer an excellent way around the hectic bidding wars. Instead of stretching your wallet to beat out the competition for resale homes, the process of buying a new home is all about you and your needs. Buying a house is a big financial decision. It shouldn’t be a struggle to get there.
Receive closing assistance
Closing costs are an unwelcome but necessary part of homebuying. The term “closing costs” is an umbrella term for fees such as property tax, homeowners insurance, mortgage interest escrows, loan origination, appraisal, title, title insurance fees, and so on. It can be difficult to plan properly for these fees, but there are many opportunities to receive closing assistance when buying a new home. Since builders represent a company and not an individual, they are able to provide buyer incentives typically not included in a resale deal. Among incentives such as HOA dues credits, discounted upgrades, and more, you can receive closing cost assistance. These helpful benefits often save thousands of dollars in the homebuying process.
Lock down on interest rates
It’s no secret that interest rates were at an incredible low during the pandemic. Freddie Mac reported a steady drop below 3% by January of 2021. While rates have slightly risen since then as we slowly emerge from the pandemic, NextAdvisor and Time Magazine predict it won’t stop there. As the U.S. recovers from the virus with the help of the vaccine, so will the economy and so will interest rates. They predict rates will grow in spurts marked by gradual rise. However, this isn’t going to happen overnight. So, now is the time to lock in interest rates while they’re still low.
Get more for your money
New build homes come with a variety of benefits that you might not get buying an existing home. In a resale home, you get what you buy. Any changes to the house will have to be done by you or another company. New build homes, on the other hand, often have flexible floor plans and personalization opportunities so you get to work with the builder to create the house that fits your needs. In addition, you automatically get the latest appliances and energy efficient building materials, saving you on maintenance costs and energy bills.
Another major benefit is the community. New build homes are often built into a new community with a variety of amenities just down the road. Amenities such as a fitness center, trails, and athletic fields give residents many ways to get out and exercise. The community swimming pool and tot lots provide kids with their own playgrounds. And, of course, we can’t forget the furry friends and dog parks!
Are you ready to have a stress-free homebuying experience? Consider Brunswick Crossing for the next place you call home! With a variety of available models and accessible amenities, we think you’ll find just what you need in no time. Learn more about the community, check out our available models, and register for pricing and incentives today!