New home sales up due to fewer foreclosures for sale on the market

New home builders could benefit from the drop in foreclosed properties in recent months. This may spur greater activity in new-home construction.

Foreclosures, known also as distressed homes, sales have driven home prices down in the last couple of years. Now that there is less competition from foreclosures /distressed home sales prices, a lot of home buyers may consider new homes.

With foreclosed homes selling “as is” and many of them needing more money out of pocket to fix, home buyers are leaning toward new homes option, since those homes are “move in” ready and offer incentives, warranties on appliances, home and other items.

New homes construction increased 15 percent in September which is a great number for home builders.

If you are looking to buy a new home, contact Towns Realty team. Our team of knowledgeable Realtors is ready to assist you with your real estate needs.

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