new construction

It's no secret that today's higher interest rates have cast a chill on real estate transactions. Roughly 84% of today's mortgaged homeowners are locked into a rate below 6% so it's no wonder they are staying put, thereby reducing inventory and transaction volume. As such, many buyers are priced out of the market, stuck on the sidelines until rates come down or inventory goes up--or both. Meanwhile, new construction currently represents one third of all single-family housing for sale, adding much needed inventory to the market. More significantly, many builders are offering buy-downs and incentives, effectively reducing interest rates to a comparative 4.5 to 5.5 percentage rate, substantially below today's average of 7 percent. This is why you want new construction in your business plan. … [Read more...] about How to Target New Construction in 2025