New home sales have risen in October, according to the Commerce Department and the Census Bureau, up both month over month as well as when compared to 2010. There are a few major factors for the increase in sales of new homes, one being the decline of overall inventory (including foreclosed units) forcing buyers to more aggressively pursue appealing new homes. Decreasing inventory fuels demand, as well as the possibility of an appealing new home not being on the market for as long as it used to be.

Another factor to the increase in sales has been the dip in prices over the last few years. A new home that once was selling at 30% higher than a similar existing home may now only be 10-15% higher. A common appeal of purchasing a new home is the minimal out-of-pocket expenses for the buyer after the purchase. Common expenses that purchases of existing homes may come across are related to major repairs and trim upgrades after the purchase. When factoring in these costs, the price of a new home effectively drops even further, making a new home as financially attractive as an existing counterpart.

One of the less obvious factors for the rise of new home sales, however, has been the increase of incentives that builders and communities  now offer to buyers. Incentives, which generally can not be offered on an existing home, may include anything from paid closing costs to free features and trim upgrades. Other incentives have also included waived HOA fees, free golf or other amenity memberships, and even free personal golf carts with a home purchase. Of course every builder and community is different and the incentives certainly vary, however it is obvious that buyers are flocking to homes that come with that “little something extra.”

As inventory shrinks and home sales continue to rise, prices will steadily increase and builders will eventually no longer need to offer such competitive incentives to buyers. There certainly is a time-limit on these incentives, so buyers need to act quickly in order to take advantage of these unprecedented values.

To speak to our friendly team at Bayside about our current incentives and promotions, stop by or contact us here today!

214 thoughts on “Buyer Incentives Boost New Home Sales

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