Midwest sales of new homes have exploded by 47% in the past year. As would-be homebuyers get frustrated by the lack of inventory of existing homes, home builders have stepped up by building more new homes. Housing starts in the Midwest are up 10% to 178,000 housing starts. There are currently 84,000 new homes available in the Midwest.
Buying a new home that no one has ever lived in and is customized to your own tastes has a huge appeal. Many homebuilders are offering financial incentives such as lower interest rates. As mortgage interest rates now average 7.5%, some Chicago area homebuilders are advertising 5% 30-year fixed-rate mortgages. New homes can be pricier, averaging $513,000. So, it all comes down to your preferences and your budget. Here are a few of the other advantages of buying new:
One of the most compelling advantages of buying a new home is the inclusion of modern amenities. New homes are designed with today’s lifestyle in mind, offering features that cater to contemporary needs. From open floor plans to spacious kitchens with state-of-the-art appliances, new homes provide a level of convenience that can be challenging to find in older properties.
New homes are constructed with energy efficiency in mind. They are often equipped with energy-efficient appliances, LED lighting, advanced insulation, and double-paned windows.
Warranty and Peace of Mind
When you purchase a new home, you typically receive a warranty from the builder. This warranty covers structural defects and major systems for a set period, providing peace of mind for homeowners.
Many builders offer customization options for new homes. This means you can have a say in the layout, finishes, and design details, allowing you to create a home that truly reflects your style and preferences.
Lower Maintenance Costs
New homes are designed with low maintenance in mind. With modern building materials and construction techniques, you can expect fewer repairs and less maintenance compared to older homes.
Safety and Security
New homes are built to meet the latest safety and building codes, which means they often come with advanced security features such as smoke detectors, fire-resistant materials, and secure locks.
Better Resale Value
Over time, new homes tend to hold their value better than older properties. The fact that they come with modern amenities, energy-efficient features, and warranties can make them more attractive to future buyers.
If you are curious about the availability of new homes in your area, please contact me. Even though you can work directly with a builder, being represented by a real estate professional ensures that your interests are protected. Builders use their own contracts that limit their liabilities and may not be in your best interests. Your Starck Real Estate specialist can vet a builder for you, help you save money, and help you through the underwriting process to closing.