With today’s housing market in a frenzy, many potential homebuyers take the path of least resistance and opt for new construction homes. Demand for existing homes remains strong despite limited inventory. Low mortgage rates, buyer incentives, and ease of customization are attractive prospects when building new.
The 2020s have seen the housing industry enter a boom period boosted by the continued popularity of new construction. Builders are furiously working to keep up with the increased demand, with sales of newly-built homes rising 18% in 2021. The lack of available existing homes, low mortgage rates, and buyer incentives have helped drive the brisk activity. Builders have gotten a bit creative, too, offering attraction features to buyers such as home office areas, dedicated media rooms, and even amenities like resort-style pools and outdoor living rooms. Homebuyers enjoy the flexibility of designing the home to their exact specifications and needs.
Main Points :
• Demand for existing homes remains strong and inventory is limited.
• Sales of new construction homes have risen 18% in 2021.
• Low mortgage rates, buyer incentives, and ease of customization have helped drive the market boom.
• Homebuyers enjoy the ability to custom-design homes to their exact specifications and needs.
You can read this full article at: https://www.housingwire.com/articles/mortgage-applications-for-new-construction-homes-ticked-up-in-july/(subscription required)
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