Phil Aitken
Phil Aitken

Is Now the Right Time to Buy a New Construction Home?

If you’re contemplating whether it’s a good time to invest in a new construction home, you’re not alone. In Northeast Florida, there has been a significant shift in real estate in recent years. These homes account for a larger part of total sales. Three years ago, they represented a modest 15%, but today, they make up 35% of all homes sold in the region.

The Phil Aitken Home Team has over 13 years of experience and works with new construction quite often. We have been helping buyers and sellers find their dream homes. Our team helps work through any ups and downs especially with new construction.

The Appeal of New Construction Homes

New construction homes offer an array of benefits that appeal to modern homebuyers. These homes offer contemporary design elements, open floor plans and energy-efficient features. These properties are designed to meet the demands of today’s lifestyle.

Additionally, builders are going above and beyond to attract buyers. They are slashing prices, covering closing costs, and even offering rate buy downs. This will help reduce monthly mortgage payments for homeowners.

Unprecedented Builder Incentives

In the past, builders presented a set price for their homes. This left little room for negotiation or extra perks for homeowners. Homeowners could not go to the builders and ask for certain features to be in their homes. The current market landscape tells a different story.

Today’s builders are going the extra mile to entice buyers. They are offering a host of incentives that make purchasing a new construction home an even more appealing prospect.

Exploring Builder Incentives

Let’s delve into what these incentives could mean for you as a prospective homebuyer. Consider a scenario where you’re eyeing a $500,000 new construction home. Without any incentives, you might be looking at a 7.5% interest rate, resulting in a monthly payment of $3,474.

Builder incentives such as a 4.9% interest rate, you can do a rate buy down and have your closing costs covered. This would save a large amount each month for the homeowner. You could save $640 per month on your mortgage payments.

Over the lifetime of the loan, this translates to a staggering $230,000 in interest savings. Many builders are willing to cover significant portions of closing costs. This further enhances the financial benefits of purchasing a new construction home.

The Opportunity for Current Homeowners

Even if you currently own a home, now is still an opportune moment to explore the world of new construction. With the market at its peak, you have the chance to capitalize on your existing property’s value. You can leverage it towards securing a new construction home with builder incentives.

The current timing presents an excellent opportunity for purchasing a new construction home.

Builders are offering unprecedented incentives. They include reduced interest rates, coverage of closing costs, and more. There has never been a better time to make your dream home a reality. Exploring the world of new construction homes can lead to savings and long-term benefits.

To learn more about why working with a real estate agent is highly recommended, watch this video on why having a realtor is important. 

Some Top New Construction Areas Include:

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.