Exploring Home Construction on the Mississippi Gulf Coast with Expect Realty
When you’re planning a move on the Mississippi Gulf Coast, it’s natural to envision where you’ll settle down and what your future home will look like. You might already have an ideal image of that house. Unless you started your search specifically for a newly built home, however, you may not have considered new construction as a viable option.
At Expect Realty, we can guide you through why adding newly built homes to your search could be a smart move:
1. Expanding Your Options with Newly Built Homes
In the current market, there are generally two types of homes available: new and existing. A newly built home refers to a property that was just constructed or is still under construction, offered by local builders like DR Horton and DSLD Homes. An existing home is one that has been previously occupied. Currently, the inventory of existing homes is limited, but there's good news on the new home front.
Data from national sources shows that newly built homes are constituting a larger portion of today’s housing inventory than in the past (see graph below):
From 1983 to 2019, newly built homes typically represented just 13% of all homes on the market. Now, that figure has risen to over 33%. Thanks to the meticulous work of builders like Elliott Homes and Adams Homes, there is an uptick in new constructions which is crucial given the overall housing shortage. This increase gives you more options to find the home that fits your needs.
2. Affordability of Newly Built Homes
You might wonder if a new construction is feasible within your budget. Previously, new homes were considered a pricier option, but that’s changing. Builders are responding to demand by constructing smaller, more affordable homes. The gap between the prices of new and existing homes is narrowing, as evidenced by recent trends:
“In the past, newly built homes have been much more expensive than existing homes — but that gap has been getting smaller recently. In some places today, you may find that the cost to build versus buy is roughly the same.”
As highlighted by financial experts, in some areas, the cost to build a new home is now comparable to buying an existing one. To make new homes even more attractive, builders like DR Horton and DSLD Homes are offering incentives such as price reductions and mortgage rate buy-downs.
A CNBC article states that:
“While new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed . . .”
Partnering with a local agent from Expect Realty, who is familiar with the market, builder reputations, and contract nuances, will empower you to navigate these options effectively.
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Bottom Line
If you’re curious about what builders are doing in D'Iberville and across the Mississippi Gulf Coast, let’s connect and explore together. By expanding your search to include both new constructions by trusted builders like Elliott Homes and Adams Homes, as well as existing homes, we can significantly broaden your options.
Disclaimer
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Expect Realty does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Expect Realty will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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