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New Home Construction – A Growing Segment of the Real Estate Market

New Home Construction – A Growing Segment of the Real Estate Market

new home construction

The real estate industry is still trying to figure out what’s next as the housing market grapples with 2023’s soaring interest rates but for those brave enough to enter the market despite the hurdles, new home construction remains an option. In fact, new construction is one of the few segments of the market that’s actually growing.

New construction home builders refer to houses that have never had a prior owner or are being built for the first time by a builder/developer. This can include custom homes commissioned by a buyer and homes built on spec (i.e., without a buyer involved).

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In some markets, developers create model homes to give potential buyers an idea of what their finished products will look like. These models are often dressed up with the most swanky upgrades available, including stone countertops, hardwood flooring, and high-grade hardware, but buyers should be clear about what’s included in the base price of the home and what is an additional cost.

As new construction homes are being built, it’s not unusual to encounter issues with the materials or craftsmanship, but an experienced buyer’s agent should be able to help buyers navigate through these concerns and find solutions. Also, since these homes are so brand-spanking-new, it’s important for a home inspector to be brought in before closing to check that all systems meet current standards. This step is especially important if the home comes with a warranty that will cover repairs or replacements.

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