If you're buying a home near Fort Meade this year, you've probably been scouring the inventory and are seeing that it's super low and very competitive.  Homes are selling with multiple offers and it's not uncommon to see offers $30,000 & $40,000 over asking price.

Combined with today’s affordability challenges it can seem like an impossible mission. But, what if there was a solution that could help with both?

If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why.

New Home Construction Inventory

When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019.

New construction homes are at fixed pricing (plus options you choose) so there's no bidding war and there are even some spec homes, already built, just waiting for a new owner. 

And the good news is, there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green):

That means you have more choices in communities and options now than we've had since 2020.

Builders Are Offering Incentives

What kind of incentives you ask?  Free sunrooms, discounted interest rates, allowances for the upgrades that are important to youAnd to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for homebuyers right now. 

“Builders aren't rate locked-in. They would love to sell you the home because they're not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buydown, so that will help the new-home market continue to perform well in the spring home-buying season.”

While buying a home from a builder is different from buying from a home seller, it's still important that you have your own representation as builder contracts can be complex and you'll want a pro on your side as you navigate the build. 

Bottom Line

If you're having a hard time finding a home, make sure you're adding new construction homes into your search.  They aren't always in the MLS, so having an experienced real estate pro that knows the local communities and customary incentives will make sure that you get the best deal on your new home. Want to see the latest list of new construction homes for sale near the base?  Let's go shopping!