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New Construction homes
In April 2022 the median purchase price of a new home was $451,000
There are expected to be1.24 Million new home starts forecasted for 2023.
New homes are typically offered first come first served basi
Challenges that may occur
There are many challenges that come with purchasing a new construction home. There are many differences between builders personal contracts and real estate agents standard purchase agreements.
Secondly financing can be tricky. Most mortgage lenders typically cannot cost-effectively lock in an interest rate for more than 60-90 days. So starting a project that may be not be completed for 3 to 20 months can pose a big risk. When rates change there can also be a risk that the Buyer would no longer qualify for their loan .
Upgrades can also be tempting. A good rule of thumb is to plan ahead for these situations that may arise.
New Home Design Trends
- Laundry Rooms
- Exterior Lighting
- Ceiling Fans
- Patios
- Walk-In Pantries
- Side Hustle Spaces
- Connecting with Nature