New home communities, such as Bayside, are attracting many first-time home buyers who are looking for new beach homes for sale. The nation as a whole, as well as the Fenwick Island housing market has been seeing an increased volume of home buyers who are choosing to purchase brand new homes for sale rather than existing homes.
According to a recent report put out by the National Association of Home Builders, new home sales have been improving over existing- home sales since the early fall of last year. July 2012 saw an increase in new home sales to 372,000 per year to a seasonally-adjusted annual basis, and quarterly reports show that new home sales have been increasing since September of 2011. Existing home sales showed less than a 5% gain since the fall of 2011, whereas new home sales rose 22% over the same period.
The monthly increases seen in new home sales is attributed by some to be partly due to the declining levels of existing home inventories, especially the ones at the lower end of the price spectrum.
There are other reasons why more potential home buyers are choosing to buy new homes instead of older ones. For instance, new homes offer buyers the latest in technology, energy savings and efficiency, minimum maintenance and repairs, as well as more customization options, which tend to offset any bargain pricing because of distress on an existing home property. Other benefits of purchasing a home in a new housing community include the opportunity for a buyer to take advantage of any mortgage-financing incentives or warranties available through their builder. Many new home communities will also have planned amenities, such as Bayside’s resort amenities, which include golf on the award-winning 18-hole Jack Nicklaus Signature Golf Course, outdoor pools, tennis, nature trails, canoeing and kayaking, a outdoor stage featuring weekly live entertainment, ‘dive-in’ family movies, arts and crafts activities, guest services, and a complimentary shuttle to the beach.
With mortgage rates still near historic lows, the purchase of a new home in a new home resort community, like Bayside, could be a very good investment, as well as a way to build wealth. Even though there are the so-called “deals” seen in the housing market for previously owned homes, prospective homeowners are not overlooking the many positive benefits and advantages of investing in a new home, and, recent housing industry reports and statistics from across the country reflect that.
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