In today's real estate landscape, affordability stands as a key challenge, driven by higher mortgage rates and escalating home prices due to low inventory. Agents are stepping in to help buyers seek budget-friendly options, and the market shift toward newly built homes is on the rise.
Spending Less on New Builds
Recent Census data reveals a promising trend - more buyers are turning to newly built homes, especially in lower price ranges. In June, 65% of these homes sold for less than $500,000, up from 58% last year. The allure of affordability is steering the market toward these options.
Builders Adapt to Demand
Builders are astutely reacting to this shift. George Ratiu, Chief Economist at Keeping Current Matters, highlights their strategy to offer slightly smaller homes to cater to lower price points. The trend is evident as the median sales price of newly built homes dips (see graph below).
Paving Pathways to Ownership
Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, emphasizes that this trend is opening doors for affordable homeownership. Reducing home size translates to more attainable pricing, making homeownership dreams a reality.
Agent Advantage
Collaborating with a seasoned local agent grants access to a plethora of more affordable options. If you're aiming to buy soon, partnering with a real estate expert provides insights into newly built and under-construction homes in your area. From builder reputation to contract intricacies, your agent guides you through the process.
The Final Move
If budget constraints are making home hunting a challenge, let's connect. As your trusted Miami real estate expert, I'm equipped with the latest inventory insights, including homes under construction. Together, we'll navigate the exciting journey to your new home! 📞🏠
