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Why Purchasing New Construction Can Be a Smart Move for First-Time Homebuyers

Realtor.com

Getty Images Many first-time homebuyers might presume they’re better off going used rather than new—in other words, purchasing a pre-existing property rather than pricey new construction. Unless you want to be waiting a long time to buy your first home, you should consider new-construction homes.

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Builders rediscover a tool from the 1980s that keeps new home prices from falling

Housing Wire

This phenomenon becomes clearly apparent when compared to existing home sales, for which these buydowns are very rare. As shown in the chart below, existing and new home sales for the 19 largest home builders had roughly the same note rates until January 2022. As of July 2023, the gap had slightly narrowed to 0.8 2022 to Dec.

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Rate buydowns are the cat’s meow in today’s market

Housing Wire

FBC Mortgage recorded originations of about $8 billion in 2022, including its joint venture volume, Nunziata said, adding that about 70% of that volume “was new construction.” The National Association of Realtors (NAR) reports that existing-home sales dropped 17.8% in 2022, the weakest showing since 2014.

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Mortgage applications for new construction climbed in August

Housing Wire

Demand for newly constructed homes continues to remain high as existing for-sale inventory remains historically low. Mortgage applications for new home purchases increased 20.6% It indicates that a larger share of first-time homebuyers are active in the new home sales market. from 56,000 new home sales in July.

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Frequently Asked Questions about Buyers Agents in Real Estate

Realty Biz

How Buyer Agents Get Paid Buyer agents are typically compensated through a commission fee, a percentage of the property's final sale price. They analyze property values, market conditions, and comparable sales to help you submit a fair and competitive offer.

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How Much Are Closing Costs in Georgia?

HomeLight

Both buyers and sellers are responsible for certain fees and closing costs in a home sale transaction, which we’ll break down in more detail in the next section. For sellers, the lion’s share of the closing costs is the agent commissions, which are percentages of the home’s total sales price. Who pays for closing costs in Georgia?

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Buyers bemoan lack of housing inventory: NAR

Housing Wire

Over one-third (34%) of prospective buyers have yet to purchase a home because there are not enough homes for sale in their budget, according to a new survey from the National Association of Realtors. First time buyers (54%) are more than twice as likely as repeat buyers (22%) to consider an FHA loan.

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