New home construction is a big part of the real estate market. It helps meet the needs of many buyers who can’t afford to buy a larger existing home or simply want something modern and fresh.Learn more:https://arnoldroberts.com/

However, fewer potential buyers have been entering the housing market due to higher mortgage rates, so new construction isn’t growing as quickly as it might otherwise, says Alicia Huey, senior vice president and chief economist with the National Association of Home Builders. Several factors are pulling builder confidence down, including high building materials costs, labor shortages, and ongoing land and lot shortages, according to the NAHB.

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A benefit to buying a brand-new home is that it may feature state-of-the-art appliances and energy-efficient systems. These could save you money on utilities and help reduce your carbon footprint. However, keep in mind that a new kitchen or bathroom may cost more than upgrading an older one, and may not add enough value to offset the cost at resale.

Before closing on your new construction home, the builder will conduct a walk-through to familiarize you with its features and explain your responsibilities for maintenance and warranty coverage. Be observant and listen carefully to the builder’s explanations, but don’t be afraid to ask questions. This is an important step and an opportunity for you to point out issues that should be addressed or corrected before moving in. It’s also a good time to have an experienced buyer’s agent review the contract to make sure it is in your best interest.