Great Time to Buy New Construction in Omaha?

Last week, I had an amazing opportunity to be interviewed by our local news. During the interview, I discussed what I'm seeing with new construction

The founders of Hildy Homes were also interviewed.

The clip they played was pretty short, so I decided to expand upon it a little more. You can watch the video above. Or read some of my thoughts below.

What Am I Seeing?

As of September 2023, plenty of new construction homes are available. In fact, if you're considering between an existing home and new construction, you'll find a wide range of options with new builds.

The inventory of existing homes is low because many homeowners don't want to give up their low interest rates.

Builder Incentives

All of these new homes on the market create an opportunity for buyers.

Recognizing the current market, many Omaha home builders have started to sweeten the deal by offering a range of incentives:

1. Closing Costs Assistance: Some builders are willing to cover part or all of the closing costs related to the purchase.
2. Interest Rates Buy-down: Interest rates are high, but some builders are working with lenders to buy down the interest rate - either for a couple of years or permanently.
3. Price Adjustments: That dream home you had your eyes on a couple of months ago might now be slightly more affordable.
4. Flexibility: Unlike before, many builders have become more accommodating. Whether you wish to modify an under-construction project or add finishing touches to a completed one, builders today are more open to customization.

However, a word of caution: despite the recent price reductions in new construction homes, the price of a new home is still a little higher than it was this time last year.

Is it the right time to buy new construction?

Whether it's the "right" time to buy a new construction home is subjective and varies for every individual and couple.

However, from my standpoint, it's not a bad time.

I don’t see a significant drop in new construction home prices coming anytime soon.

Waiting until spring might mean dealing with price increases because of a surge in demand.

If you're contemplating buying a new construction home, please reach out to me, and let’s talk.

Buying a new home is a little different than buying an existing one.

For example, you should never tour a model home without your own agent present.