Why Buying New Builds is a Good Idea in a Seller's Market in 2023
Buying a new build home in Calgary can be an ideal solution for buyers who are feeling intimidated by a sellers market. In spite of slowing numbers throughout 2022, Calgary's real estate market remains a decidedly sellers market. If this has you wondering how you can buy a home in Calgary in 2023, keep reading to learn more.
We are always here to help answer your questions about finding the right home for sale in Calgary. New construction or otherwise, we can walk with you every step of the way. Contact us any time to learn more.
What is a seller's market?
A seller's market is a real estate market in which the demand for housing outpaces the supply in such a way that sellers are at an advantage. Real estate experts define a seller's market as one in which there is any less than 3 months' worth of inventory on the market. This means if no new property listings were added to the market, the inventory would be completely gone within 3 months or less.
Is Calgary a seller's market in 2023?
While some of the record breaking numbers and circumstances we saw in the Spring of 2022 are cooling down, real estate experts and economists agree that Calgary remains a sellers market. Sellers are at an advantage, with more people interested in buying a home than there are homes on the market. This imbalance in supply and demand can create a challenging environment for home buyers.
Why is a new build a good choice in a seller's market?
Buying a new build home in Calgary is an entirely unique process, differing in many ways from buying an existing home. There are quite a few reasons that new builds can be the right solution for buyers in a sellers market.
In many cases, talking with a new home builder will allow you to access multiple properties at once. Most semi-custom builders purchase a large area of land that is then sold as individual lots, where buyers select from pre-designed floor plans and choose the lot to place the home on. When you talk to a home builder with this typical plan, you are not just inquiring about a single property. They likely have multiple options available, and while they may go quickly, you are more likely to be able to buy one of these than you are to compete for a single existing property.
New build homes also tend to offer customization and special features that you may not be able to find in an existing home. Rather than competing against multiple offers for an existing home that has all the things you are looking for, in your new build home you can add them in the first place. New builds are inherently move-in ready, and many builders offer a variety of choices so you can design a semi-custom home with the floor plan, features, and finishes you love. In a seller's market where buying your dream home feels out of reach, a new construction home can provide an ideal compromise.
Other New Build Benefits
There are also plenty of perks that make a new build home stand out from an existing home. You may be drawn to the character or established community of an existing home, but have you considered these unique new construction benefits:
- Most new construction homes will be the most energy efficient of the homes you consider
- The house is customizable
- New builds tend to come with warranties on many appliances, systems, and finishes
- A new home will be lower maintenance, with no looming repairs or renovations waiting for you after closing