If you've been watching the Grand Forks market from the sidelines, here's what you need to know heading into summer: this market is not cooling down — it's speeding up.In May 2026, 59 homes
Newly Built Homes Could Be a Game Changer This Spring
Dated: April 3 2024
Views: 118
Buying a home this spring? You’re probably navigating today’s affordability challenges and dealing with the limited number of homes for sale. But, what if there was a solution that could help with both?
If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why.
New Home Construction Is an Inventory Bright Spot
When looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale has increased this year, there are still fewer available than there were in more typical years in the housing market, like back in 2018 or 2019.
So, if you’re looking to expand your pool of options even more, turning to newly built homes can help. As Danielle Hale, Chief Economist at Realtor.com, explains:
“The shortage of existing homes For Sale has opened up the possibility of new-home construction to more buyers who may not have once considered it.”
And the good news is, there are more newly built homes to pick from right now. The graphs below use data from the Census to show how new home construction is ramping up in two key areas (see most recent spike in green):
Starts, or homes where builders just broke ground, have seen a big increase lately. And completions, homes that builders just finished, are also up significantly. So, if you want a new, move-in ready home or you want to get in early and customize your build along the way, you have more options right now.
Builders Are Offering Incentives To Help with Affordability
And to sweeten the pot, builders are offering things like mortgage rate buy-downs and other perks for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. Mark Fleming, Chief Economist at First American, explains why you may find builders have more wiggle room to offer more for you than the typical homeowner:
“Builders aren't rate locked-in. They would love to sell you the home because they're not living in it. It costs money not to sell the home. And many of the public home builders have said in their earnings calls that they are not going to be pulling back on incentives, especially the mortgage rate buydown, so that will help the new-home market continue to perform well in the spring home-buying season.”
An article from HousingWire also says this about what builders are offering right now:
". . . the use of sales incentives still shows some momentum as 60% of respondents reported using them, up from 58% in February. "
Just remember, buying from a builder is different from buying from a home seller, so it’s important to partner with a local real estate agent. Builder contracts can be complex. A trusted agent will be your advocate throughout the process.
They’ll be your go-to resource for advice on construction quality and builder reputation, reviewing and negotiating contracts to get you the best deal, helping you decide on which customizations and upgrades are most worthwhile, and a whole lot more.
Bottom Line
If you’re struggling to find a home to buy, or with today’s affordability challenges, let’s connect to see if newly built homes could be the solution you’re looking for.
Josh Steinke
In the dynamic world of real estate in Grand Forks, North Dakota, Josh Steinke stands out as a realtor with a deep connection to the community and a profound understanding of the local property market....
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Tax and special assessment figures are provided by the listing companies and are usually from the most recent tax bill, but buyer should verify amounts with appropriate governmental departments for accuracy and future estimates. New construction listings often have incomplete or no information on tax or special assessment estimates provided by listing companies, so they must be verified. Figures do not reflect any pending, proposed, or future special assessments which may be levied by governmental
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than Berkshire Hathaway HomeServices Family Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (little black
house) and detailed information about them includes the name of the listing brokers.
Grand Forks Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
