Rise in newly constructed homes

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Rise in newly constructed homes

November 25, 2010 - More homebuyers purchased newly built homes in October.

The Commerce Department reports that new single-family home sales rose 6.2 percent last month.

The South, including Washington D.C., was the region with the largest number of new home sales, reports the Washington Post.

The supply of new homes dropped to their lowest levels in almost four decades, which the newspaper says is "a promising sign that supply and demand for new homes will soon fall in line and help stabilize home prices."

For those looking to buy a newly constructed home, there are a few things to keep in mind. It's a good idea to use a real estate agent who has experience with new home sales. The agent can guide you through the transaction and look out for your interests to make sure you are getting a fair deal if the builder wants you to use their lender or insurance company.

It may also be a good idea to have a home inspection. Although the property may be new, errors can still be made. It is better to be safe than sorry.

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June, 2012

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