New home builders across the country are looking at another time of great growth. From small towns in the midwest to mansions on the coast, there are a number of new home builders look forward to creating a space that will make their clients happy. As the nation continues to adjust to the new Presidential administration, it is important to make sure that there are builders who are available to meet the growing demand of the increasing number of people who want to purchase a home that has never been lived in before or buy a home that is already lived in.
New construction homes are increasingly popular in locations that are found in all inclusive communities. As more and more families want to make sure that they are living in the best place to raise their children, in fact, it should come as no surprise that new homes in locations that have new schools in a fully developed neighborhood are in high demand.
Finding the right home is not always easy, but if buyers work with a reputable builder they can find the floor plan they want and build it in the ideal location. Although building a new home comes with its own set of expenses, it is important to know that even an existing home can require a number of renovations and improvements before it is in a condition that is right for you to move in.
Consider some of these facts and figures about new home builders and the impact that their products have on the nation’s economy:
- 5% is the average amount that a U.S. borrower puts down on a new home purchase.
- Although the minimum credit score for an FHA loan is 500, the minimum score for a traditional mortgage loan remains at 620.
- In the year 2017, Millennials made up almost 33% of the home-buying population.
- Since the year 2008, the U.S. housing market has grown 11.4%.
- 1.25 million new homes were built in April 2018, according to the U.S. Census Bureau and the Department of Housing and Urban Development.
- An impressive 34% of U.S. home owners have 100% equity in their properties, according to ATTOM Data Solutions. This percentage represents all of the owners who have either paid off their entire mortgage or did not ever have one.
Whether you are looking at model homes or you are considering starting from scratch with floor plans for newly built homes, it is important to make sure that you are working with the right builder who offers a quality product and a trusted warranty.