Avoid Bidding Wars

With a limited inventory of existing homes and heightened competition for single-family homes, the intense bidding wars for resale homes can be daunting for some.

“We went to one open house where at least 10 other couples were touring it at the exact same time, and best and final offers were due the next day, says Jessica Erickson, who recently worked with Lennar to build their family’s next home. To avoid the chaos and work off their own timelines, they built new.

For homebuyers considering new over resale, less competition is highly advantageous in securing favorable prices. ”Although the current market is commonly defined by higher-than-recent interest rates and low inventory, we also experienced less competition with other buyers which led to pricing concessions on new construction and favorable financing terms from our lender,” shares Ryan Gunderson, who recently moved into a new construction home with his family.

Potential Incentives

Many people aren’t aware of the financial incentives for purchasing new construction homes. Sometimes, the competitive rates or discounted home add-ons are the final boost families need to make their decision.

“Once we started touring new construction neighborhoods, we realized that they could offer additional incentives that resale homes simply couldn’t — most notably, competitive rates through their private lenders,” Sarah Ober shares, who recently made the jump from renting to purchasing a new home from Lennar.

“To our surprise, many existing homes felt overpriced compared to what we were able to get in new construction, especially when factoring for maintenance and remodeling costs that always come along with an existing home purchase,” says Gunderson.

Ideal Location

For many families, living in a convenient location near relatives or within a particular school district is a top priority. This was the case for Lindsey Wojski, who custom- built her family’s dream home with Style & Structure. Great views, spacious backyards, and walking trails within many of the newly built communities are hard to beat.

“I’ve loved the balance of suburban living and access to nature,” shares Erickson. “It feels like we’re in a little nature oasis, while still being close to local amenities and conveniences.”

A Fresh Start

Being the first people to live in a new space can be exciting. Instead of worrying about wear and tear from previous owners, new homes offer peace of mind.

After living in a dated rental property for a few years, we were excited by the prospect of living in a space that felt modern, fresh, and had the security of warranties,” Ober shares.

On top of that, you have access to the builder to ask questions and source detailed home information.

A Blank Canvas

A large draw to building new construction comes from extensive customization options.

“Our family is passionate about design, so we were thrilled to have the opportunity to completely customize and personalize our forever home to fit our unique lifestyle with three active boys,” says Wojski.

Her family was able to select their preferred layout, features, and finishes to check off every item on their wish list, something that can be difficult to accomplish when shopping for preexisting homes.

Move-In Ready

If you are in the market for a quick move-in, many communities offer move-in ready inventory homes that are available now – or in the near future. For families with tight timelines or set homeownership goals, move-in ready homes can be especially enticing.

“Being able to plan around a reliable timeline free of contingencies was advantageous as we were also navigating ending a lease,” says Ober.