Over the last few months, millions of Americans have had to spend more time at home than ever before. As a result, where one calls home has never been more important.
This helps explain why Barron’s reported last week that home buyers should be gearing up for the “mother of all bidding-war seasons” this summer. With rising demand — new mortgage applications have increased 10.9% compared to this time last year — and many homeowners staying put in their existing homes, those looking to purchase a re-sale home in the coming months will likely be met with higher prices and frequent bidding wars.
In fact, according to Redfin, a national real estate brokerage, bidding wars have now become the norm in many of the country’s largest markets:
To avoid the inflated pricing and hassle of a bidding war, now is the time consider new construction. When buying a new construction home, the process will be about you and your family’s needs, not how much you’ll need to stretch your budget to meet the demands of a tightening market.
Of course, this is just one of the advantages that new construction homes have to offer. There are also the benefits of low-cost maintenance, open floorplans designed for modern living, and access to resort-style amenities.
Buying a home is often the biggest financial decision made in one’s life. And now more than ever — with re-sale bidding wars on the rise and interest rates at historic lows — buying a new construction home is real estate’s smartest bet.