Relate to Real Estate

Since 2019, the real estate market has transformed dramatically. Remote work, low mortgage rates, and high demand for homes led to a boom in new construction. Even with a slight cooling in demand and rising mortgage rates, new builds remain crucial in today's market. Did you know that newly built homes made up 33.4% of the market in Q1 2024 according to Redfin?  Why New Construction Homes Are in High Demand: Limited Supply of Existing Homes : Builders are constructing about 1 million single-family homes a year, but many homeowners are holding onto their properties due to high mortgage rates. This means new constructions are filling the gap in the market. Attractive Pricing and Incentives : Builders are often more flexible with pricing and offer enticing incentives like mortgage rate buy-downs, price cuts, and covering closing costs. New homes are becoming more affordable compared to existing ones, with a median sale price only 4% higher than that of existing homes. Why Consider a N...