Recently rising interest rates and prices approaching affordability limits have kicked off a competitive battle for homebuyers among U.S. new home builders. With many potential buyers sitting on the side-lines, builders have been pushing new incentives and discounts on products across an array of price points.
In key states like Texas, North Carolina, and others around the U.S., we’re starting to see builders offer to pay for closing costs, including fancy washers and dryers, or even offering credits to their design centers for buyers to further customize their new home. Savvy home shoppers are really comparing builders head-to-head and should one builder offer a better incentive, sometimes that’s all it takes to make that sale.
Buying a home is the largest one-time investment we will ever make. If you’re in the market for a new home, working out a strategy for the best options includes looking for the best incentives and special offers for your home buying needs.
What are the Homebuyers incentives and specials?
For homebuyers, the purchase cycle can often drag on for months, as it can be time-consuming to visit individual new home communities, assess the quality and reputation of each builder, and decide how much home will fit into their monthly budget.
Look for Incentives on Closing Costs, Mortgage Rates
Many builders incentivize buyers by helping pay down closing costs, which can often run in the $5,000 – $10,000 range depending on the exact home purchased. If you can score a builder-incentive that helps you drive down these fixed costs, less of your closing fees end up bundled into your mortgage, and you’ll save over the long-run.
We looked at new home builders ion the Carolinas, H&H Homes homebuyer incentives can be a great option, but most were offering a mix of incentives, of which free appliances or design center credits were on the table. Depending on your situation, a new suite of appliances might be just what you need. Imagine saving thousands on installing brand new washers, dryers, refrigerators and other costly appliances in your new home. Design center credits can allow you to personalize your home even further, adding upgraded materials or features, without impacting your bottom line.
You’ll need to be patient and keep your eye on builder’s websites, as deals in multiple areas and cities in North Carolina varied depending on the month and the sales needs of the company. Do note that the specials change in a constant manner, and it would be advisable to check the builder sites at constant intervals.
Canadian Relocation Buyers
For new home buyers from Canada, who are looking to relocate to the US, or possibly purchase a vacation home, we would expect similar incentives and specials being offered for the foreseeable future. Take your time, do your research, and you’ll be sure to find the right home with just the right incentives to make your purchase funds stretch even farther.