Wednesday, August 13, 2025 / by Joyce Dungca
If you’ve been skipping over newly built homes in your search, you might be doing so based on outdated assumptions. Let’s clear up a few of the most common myths, so you don’t miss out on a solid opportunity.
Myth 1: New Homes Are More Expensive
It’s easy to assume a new build will cost more than an existing home, but that’s not necessarily true, especially right now.
Data from Census and the National Association of Realtors (NAR) shows the median price of a newly built home today is actually lower than a home that’s been lived in already (an existing home):
So, why’s this happening? As Heather Long, Chief Economist at Navy Federal Credit Union, explains:
“This largely reflects two trends: New homes are getting smaller on average, and builders are doing more price cuts.”
If you’ve ruled out new construction based on price alone, it’s time to take another look. Talk to your local re ...
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team raj jaggi, buyers, sellers, housing market, real estate agents, newly built homes, homebuilders, new homes
Thursday, July 17, 2025 / by Joyce Dungca
Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today’s market. Here’s why.
There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you’re not looking at newly built homes, you’re missing out on a big portion of what’s available.
And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.
Builders Are Cutting Prices
According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB):
“Almost 40% of home builders reduced sales prices in ...
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team raj jaggi, buyers, sellers, housing market, mortgage rates, homebuilders
Tuesday, May 13, 2025 / by Joyce Dungca
Especially in areas where inventory is rising, both homebuilders and sellers are sweetening the deal for buyers with things like paid closing costs, mortgage rate buy-downs, and more. In the industry, it’s called a concession or an incentive.
What Are Concessions and Incentives?
When a seller or builder gives you something extra to help with your purchase, that’s called either a concession or an incentive.
A concession is something a seller gives up or agrees to in order to reach a compromise and close a deal.
An incentive, on the other hand, is a benefit a builder or seller advertises and offers up front to attract and encourage buyers.
Today, some of the most common ones are:
Help with closing costs
Mortgage rate buy-downs (to temporarily lower your rate)
Discounts or price reductions
Upgrades or appliances
Home warranties
Minor repairs
For buyers, getting any of these things thrown in can be a big deal – esp ...
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team raj jaggi, buyers, sellers, housing market, homebuilders, concessions, incentives
Thursday, February 6, 2025 / by Joyce Dungca
There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner.
If you’re willing to roll up your sleeves (or hire someone who will), buying a house that needs some work could open the door to homeownership. Here’s everything you need to know so you can decide if this is the right move for you.
What’s a Fixer-Upper?
A fixer-upper is a home that’s livable but requires some renovations. Think cosmetic updates like wallpaper removal and new flooring or more extensive repairs like replacing a roof or updating plumbing.
While fixer-uppers need a little TLC, here’s why they may be worth considering, especially right now:
They Usually Have a Lower Price Point. Because of the repairs involved, these homes are usually less expensive up front than move-in-ready options. According to a survey from StorageCafe, fixer-uppers come with price tag; ...
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housing market, moving, construction, builders, mover, newly built homes, new construction homes, homebuilders
Thursday, January 23, 2025 / by Joyce Dungca
It’s no secret that affordability is tough with where mortgage rates and home prices are right now. And that may have you worried about how you’ll be able to buy a home. But, if you don’t need a ton of space, you may find you have more cost-effective options in an unexpected place: new home communities.
Builders Are Building Smaller Homes
Since smaller homes typically come with smaller price tags, buyers have turned their attention to homes with less square footage — and builders have shifted their focus to capitalize on that demand. As U.S. News notes:
“The combination of higher home prices and mortgage rates has strained a lot of people's budgets. And that's something builders recognize. To this end, they may be leaning toward smaller spaces . . .That, in turn, can lead to savings for buyers.”
Data from the Census shows the overall builder trend toward smaller, single-family homes has . ...
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team raj jaggi, buyers, sellers, mortgage rates, home prices, home buyers, homebuilders
