How Does Buying a Newly Constructed Home Work?
New homes are good news for the housing market, and even better for new buyers. In the U.S. at the current time, experts largely agree that we are living though a “seller’s market”, meaning that demand at the moment is slightly exceeding supply. But this does not mean that there are no new-builds on the market for first time and experienced home buyers alike. For example, CityHome Collective in Salt Lake City has many new developments in sought-after locations, and as the construction industry picks up following the pandemic, the supply of such homes is estimated to rise. We may be in a seller’s market for now, but not for ever.
If you find yourself in a position to purchase one of these newly constructed homes, you may be wondering just how buying a home that has had no previous ow...