Homebuilders Offering Incentives to Buyers on New Homes Could Bring a New Influx of Market Activity
For homebuyers who are experiencing issues finding their existing dream home out there on the market, there is a ray of sunshine that isn’t being talked about much. Most home builders offering incentives to buyers on new construction projects can be a way for some buyers to enter the market when they once thought it impossible.
According to the National Association of Home Builders , anywhere from 57-60% of builders have been offering exceptional incentives to buyers. These percentages have been recorded from December of 2022 through February of 2023.
While new home construction has hit record-lows around the country contributing to the housing issues we’ve seen the past couple of years, some Southern California areas are bringing new developments regularly. Areas like Lake Forest, Anaheim, Los Angeles and other Orange County beach communities are erecting new projects.
In San Juan Capistrano, a number of new housing projects are underway. The ever-growing community of Rancho Mission Viejo has a handful of developments in their “Rienda” community, including a 55-plus neighborhood.
Additionally, the city has “The Farm” and “Avelina” as new projects being built in the southwest parts of town. And, the Pacifica neighborhood boasting big views continues to grow with a myriad of housing options, ranging from spacious townhowmes to massive single-family residences with the ocean on their horizon.
Some folks are leery about working directly with builders on a purchase of a new home for a variety of reasons. While there are myths to that approach, it’s an understandable position in other respects. However, there is good news for buyers on that front, as well.
Most builders work with other brokers on the purchase, side allowing a buyer to use their trusted real estate agent to represent them on the transaction. And, with some builders accepting FHA loans and the recent news on those getting a decrease in Private Mortgage Insurance (PMI) monthly premiums, buyers can flex some power to exercise the incentives offered by builders.
If you’re looking at homes and haven’t been exploring new construction, we can help! Get in touch with us and take advantage of most home builders offering incentives to buyers on new homes!
