| One of the best things about buying a new | | | | finally ready to move out. Each year a |
| home is the untouched - pristine- cleanliness | | | | certain proportion of them are ready to |
| that you are also buying. If you have always | | | | invest in a home of their own. |
| dreamed of owning a brand new home, this is | | | | |
| the time to find a bargain. At the moment you | | | | Actual figures show that in 2007, only half |
| can choose from a wonderful selection of | | | | of the expected number of new households were |
| homes with luxurious touches. | | | | started up. To some extent this has caused |
| | | | the property markets to come to a standstill. |
| It is generally accepted that most people | | | | |
| buying a brand new home are stepping up the | | | | In many areas of the USA, builders have a |
| realty ladder and are not first time buyers. | | | | stockpile of brand new homes. Predictions are |
| They have usually done their groundwork with | | | | suggesting that the equivalent of a nine |
| the smaller, older home and are gleefully | | | | month supply of homes is stockpiled across |
| anticipating a sparkling new home. | | | | the nation. In South Carolina, there are over |
| | | | 800 new houses waiting to be bought from |
| However, before buying a new home, the | | | | several different contractors. |
| existing home must be sold and this will | | | | |
| often be to a first time buyer. There has | | | | The good news is that according to the |
| been a shortage of first time buyers which | | | | Mortgage Bankers Association's (MBA) weekly |
| means less home owners have been able to make | | | | survey, first time buyers may be returning to |
| the transition up to a brand new home. This | | | | the fray. There are many good reasons why now |
| explains the problem of why less new homes | | | | is a good time to buy your first home, and |
| are being sold in the property market today. | | | | first time buyers are aware of this and are |
| | | | timidly stepping back into the market. |
| To a lesser extent, this lack of first time | | | | Hopefully they will be encouraged by the |
| buyers is a side-effect of the realty crisis. | | | | large selection they will have. |
| It takes nerve to step into the realty market | | | | |
| and take on a huge debt when you could just | | | | The MBA announced that the volume of mortgage |
| carry on renting. Reading of so many | | | | application requests has just gone up by |
| foreclosures has kicked the self-confidence | | | | three percent over the previous week. Copious |
| out from under a number of younger buyers. | | | | amounts of media coverage have educated the |
| They have 'cold feet' and are opting to stay | | | | public into what went wrong. Repeated |
| renting, or stay in mum and dad's basement | | | | decreases in the mortgage interest rates have |
| suite. | | | | increased public understanding of mortgages. |
| | | | Purchase applications also rose by twelve |
| These figures have been confirmed after some | | | | percent. |
| hard mathematical calculations by the | | | | |
| National Association of Realtors (NAR). | | | | The NAR says that as homes are continuing to |
| Adding together the national birth rate, and | | | | be built at the same rate, the glut of new |
| the number of illegal and legal immigrants, | | | | homes will grow even larger. All these facts |
| the numbers would predict that approximately | | | | may point to a buyers' market in the new |
| 1.2 to 1.5 million households will normally | | | | housing section of realty. |
| start up annually. | | | | |
| | | | With this in mind, it is possible that deals |
| These newly-formed households are comprised | | | | can be found on the new homes market. Perhaps |
| of renters who have finally saved a down | | | | some optional extras can now be tacked onto |
| payment, or adult children who have been | | | | the asking price; maybe landscaping or a |
| living in the parents' basement and are | | | | luxury deck? |