Residential growth is expected to continue over the next decade. This will particularly be the case in suburban communities. Over the next ten years, for example, an 80% increase has been predicted in these specific areas. According to the Harvard Joint Center for Housing Studies, household growth is also predicted for the Millennial age group, with 23 million new households expected. When it comes time to purchase a home, however, a significant number of individuals are choosing new home constructions.
Purchasing Trends for New Home Constructions
New home constructions continue to be in demand. In 2017, for example, the U.S. Census Bureau reported that there were 612,000 new home constructions sold. These new constructions greatly appeal to first-time home buyers. Recent data indicates that this applies to approximately 32% of the individuals that are planning to buy a new home. The National Association of Realtors reported that 34% of recent home buyers chose a new construction because they weren’t interested in renovating. Another benefit of purchasing a new construction is that buyers won’t have to deal with plumbing, electrical, or other potential issues associated with older homes.
Locating Homes for Sale
While some prospective home buyers initially work with a realtor, others initiate their search online. In addition to this being a convenient way to pinpoint specific homes to tour, it can be desirable for home buyers with busy work schedules and social obligations. It’s interesting to note that a significant percentage of prospective home buyers are successful in locating their new homes in this manner. According to a 2017 National Association of Realtors report, 56% of home buyers aged 36 and younger located their new houses online.
Learn More About New Homes for Sale
Since you’re interested in purchasing a new construction, there are custom estate homes, single family homes, and urban townhomes available. Once you speak with a representative, you’ll be able to learn more about the different floor plans and other welcome amenities. Furthermore, if you have a growing family, many of these homes are located in excellent school districts. After you move into your brand-new home, you’ll enjoy living there for decades to come.
