Benefits of Buying New Construction
As the existing home inventory across the country remains tight, more buyers are looking to purchase new construction. Typically, new construction accounts for approximately 10% of homes sold, but as buyers are confronted with rising home prices, mortgage rates, and competition for existing homes that figure has spiked. As of August 2023, new construction now accounts for more than 12%, and is expected to continue to rise.
So, what are the benefits of purchasing new over old? At Asset Based Lending, we help builders and developers fund new construction projects across 36 states and know why modern homebuyers are seeking these fresh developments.