Buyers: Keep Your Eyes on New Construction
It's not uncommon for buyers, particularly first-time homebuyers, to think that owning a brand-new home is out of reach. That couldn't be further from the truth.
Even as things are picking up in the real estate sector, many homebuilders continue to be very motivated to get qualified buyers into their properties. The housing crisis stopped many of them in their tracks and left them with inventory they're still trying to sell. Numbers of new homes for sale are still low compared to annual sales before the downturn.
That said, if you're at all interested in looking into whether you can afford a brand-new home, it's a good idea to take steps soon. Builders are starting to build again, which is the No. 1 sign that demand for new homes is increasing.
And several statistics show that demand is on the rise. The U.S. Census Bureau, for instance, has a Housing Vacancy Survey that shows household formations totaled 1 million in 2012, compared to just 400,000 at their lowest in 2008. That's a huge jump. And of course, as demand goes up, so do prices.
Find a local RE/MAX agent who can help you explore the new-construction options in your area.