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People Want Less Expensive Homes – And Builders Are Responding
In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022:
Last year, only 58% of newly built home sales were less than $500,000. This June, that number was up to 65%. This means more people are buying less expensive newly built homes right now while affordability remains a challenge.
Builders Are Offering Lower-Cost Options
Builders have picked up on this trend and are reacting accordingly. George Ratiu, Chief Economist at Keeping Current Matters, explains:
“Builders are also responding to this shift by bringing slightly smaller homes to market in an effort to meet lower price points . . .”
New data from the Census further confirms this pattern – it shows the median sales price of newly built homes has dipped down in recent months (see graph below):
And as Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, says, the builders who are most responsive to this trend are forming pathways to homeownership:
“. . . it is creating opportunities for people to be able to afford an entry-level home in an area. . . . if you get that size down, that automatically will make it a more affordable home. The [builders] that are decreasing [size] the most are probably the ones that try to build more of an affordable product.”
How an Agent Can Help
Builders producing smaller, less expensive newly built homes give you more affordable options at a time when that’s really needed. If you’re hoping to buy a home soon, partner with a local real estate agent to find out what’s available in your area. An agent can help you look at newly built homes or ones under construction nearby.
Bottom Line
If you’re having a hard time finding a home you like in your budget, let’s connect. You need a real estate professional who knows all about the latest inventory in our area, including homes still under construction or just built. That way you have an expert on your side who can provide information on builder reputations, builder contracts and negotiations, and more to help you with the homebuying process.
SOLD! – Charming 3 Bedroom Home in Glenterra on English Hill
Listed at $1,100,000
Click Here For Full Details, Dozens of Photos, 3D and 4K Video Tour at the Property Website
The light-filled 2,010 s.f. floorplan features 3 bedrooms, 2.5 baths on private & lush 7,507 s.f. lot. Special features include: Spacious kitchen with huge breakfast bar peninsula, refinished hardwood floors, newer carpet & laminate flooring, and covered front patio and courtyard entry!
Stunning light-filled entry with gorgeous laminate floors offers beauty and function, with connectivity to all areas of the home. Bright and open formal living room with decorative tray ceiling, large windows, and ample space for entertaining. Formal dining room with soaring ceiling just off the kitchen. Large kitchen with solid surface counters, beautiful oak cabinetry, tile backsplash, stainless steel appliances, oversized breakfast bar peninsula, and additional eating area. Family room with ample space and slider access to the back yard. Powder room on main floor, perfect for guests!
Gorgeous primary suite with vaulted ceiling and spacious primary bath. Large primary bath features double vanity with solid surface counters, shower over tub, and spacious walk-in closet. Two additional spacious bedrooms upstairs filled with natural light. Adjacent hall bathroom with updated laminate floors.
Fully fenced, private yard with ample space to relax, entertain or play! Laundry located on main level leading out to garage, washer & dryer included! Attached two-car garage with storage.
Northshore schools – Sunrise Elementary, Timbercrest Middle School & Woodinville High. School.
SOLD! – Beautiful 4 Bedroom Home in Coventry on English Hill
Listed at $1,200,000
Click Here For Full Details, Dozens of Photos, 3D and 4K Video Tour at the Property Website
The light-filled 2,100 s.f. floorplan features 4 bedrooms, 2.5 baths on a well-manicured 7,851 s.f. lot. Special features include: Remodeled kitchen, refinished hardwood floors, remodeled primary bath with shower over jetted tub, additional play room above garage, outdoor firepit, & oversized deck for entertaining! Adjacent to greenbelt trail system leading to Sunrise Elementary!
Inviting, light-filled entry with beautiful hardwood floors. Bright and open formal living room with large windows, and ample space for entertaining. Connected formal dining room with hardwood floors off kitchen. Remodeled kitchen with granite counters, beautiful maple cabinetry, tile backsplash, stainless steel appliances including gas range, breakfast bar peninsula, and additional eating area. Family room with soaring ceiling, ample light and wood burning fireplace. Updated guest bathroom on main floor.
Gorgeous primary suite and remodeled primary bath. Large, updated primary bath features double vanity with beautiful granite counters, tile wrapped shower over jetted tub, and spacious walk-in closet with custom built shelving. Three additional spacious bedrooms upstairs filled with natural light. Additional playroom off 4th bedroom above garage! Adjacent, updated hall bathroom with new vanity & granite countertop, and shower over tub with tile walls.
Fully fenced, private yard with lush plantings, large deck for entertaining, outdoor “catio”, firepit, play set, and storage shed. Ample space to relax, entertain or play! Attached two-car garage with storage.
Northshore schools – Sunrise Elementary, Timbercrest Middle School & Woodinville High. School.
SOLD! – Beautifully updated two story home in Rosewood on English Hill!
Listed at $1,275,000
Click Here For Full Details, Dozens of Photos, 3D and 4K Video Tour at the Property Website
The spacious 2,150 s.f. floorplan features 3 bedrooms, 2.25 baths on a lush 9,250 s.f. lot. Special features include: Large kitchen with cherry cabinets, granite countertops and breakfast bar, hardwood floors, upgraded vinyl windows, remodeled guest bath, epic back yard with entertainment deck, play field & ground level patio.
Inviting, open entry with updated front door, and beautiful refinished hardwood floors throughout lower level. Spacious living & dining room includes: large windows, and ample space for entertaining. Large kitchen with granite counters, newer stainless steel appliances, and breakfast bar peninsula. Family room with stunning brick fireplace including gas logs leads out to the large back deck – perfect for outdoor dining or entertainment. The main floor also includes laundry room, and half bath powder room, perfect for guests!
Delightful primary suite with walk-out balcony, vaulted ceiling, walk-in closet, and 5-piece updated bath. Primary bath features tile floors & counters, walk-in double shower with tile walls, and separate soaking tub. Two additional oversized bedrooms with vaulted ceilings, filled with natural light. Adjacent, remodeled hall bathroom with quartz counter, designer tile floor, and tile wrapped walk-in shower. Low maintenance engineered hardwoods throughout upper level!
Private, hardscaped back yard includes play field with artificial turf, partially covered, low maintenance, composite deck, firepit, and storage shed. Ground-level patio offers a perfect place to put a basketball hoop or a hot tub, with ample space to relax, entertain or play! Attached two car garage with insulated doors and quiet openers, built-in work bench, and attic storage above. Wired for Generator!
Northshore Schools – Sunrise Elementary, Timbercrest Middle School & Woodinville High School
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