Affordable Homes Are in High Demand: Builders Take Notice

In the current real estate climate affordable homes are in high demand as buyers grapple with two significant issues:

Rising mortgage rates, the highest seen in recent years.
Escalating home prices due to limited stock.

To navigate this, many are teaming up with real estate agents to discover budget-friendly homes. Notably, a large chunk of today’s available homes are brand-new constructions.

Current Trends in New Home Purchases

Recent data from the Census highlights a shift in purchasing patterns. As of June, a greater percentage of new home sales fell within the affordable bracket compared to 2022:

58% of 2022’s new home sales were priced under $500,000.
This figure climbed to 65% by June.

This trend underscores the growing preference for cost-effective new homes amidst ongoing affordability concerns.

Builders’ Proactive Approach to the Demand for New Home Affordability

Builders are keenly observing this shift and adapting their strategies to make homes more affordable. As George Ratiu, Chief Economist at Keeping Current Matters, states:

“Builders are also responding to this shift by bringing slightly smaller homes to market in an effort to meet lower price points . . .”

Further Census data supports this trend, showing a recent decrease in the median sales price of new homes. Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, elaborates:

“. . . it is creating opportunities for people to be able to afford an entry-level home in an area. . . . if you get that size down, that automatically will make it a more affordable home. The [builders] that are decreasing [size] the most are probably the ones that try to build more of an affordable product.”

The Role of Real Estate Agents

With a surge in smaller, budget-friendly new constructions, now’s the time for potential homeowners to act. If you’re considering a home purchase, collaborating with a local real estate agent can offer invaluable insights. They can guide you to both new constructions and homes still in the building phase in your vicinity.

Bottom Line

With affordable homes being in high demand you may be struggling to find a home within your budget. Keith LaBrunda, a real estate agent with the Countryside Homes NJ team at RE/MAX Select can help. With his expertise, you’ll gain insights into the latest local listings, builder credibility, contract details, negotiation tactics, and more, ensuring a smooth homebuying experience.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!