The housing market is slowing because interest rates are high, and buyers are becoming increasingly wary. However, this could be an opportunity for home buyers to get great incentives for new construction.

New housing is needed!

While buyer demand is down, so is new home supply. Fortunately, new construction offers a very attractive alternative. New home builders such as Meritage Homes are offering many seller credits and buydowns for lower interest rates, among other perks.

What are seller credits?

Seller credits in new home construction refer to the amount of money a home builder or developer may offer to a prospective buyer as a way to offset some of the costs associated with purchasing a new home. These credits may be applied towards a variety of expenses, such as closing costs, upgrades, or other expenses. As a result, seller credits make buying a new construction home more affordable and more accessible for buyers.

What is an interest rate buydown?

An interest rate buydown is when a home builder, developer, or third-party entity pays a portion of the buyer's mortgage interest rate. The goal of buydown is to reduce the buyer's monthly mortgage payment by lowering their interest rate. For example, Meritage Homes offers a move-in ready package with interest rates as low as 3.99% through a rate buydown. That's an interest rate that is unheard of in today's mortgage climate!

New construction communities in Tucson.

While the market is rocky, new homes are still needed as our population continues expanding. Here are some of the new construction communities in Tucson:

• Saguaros Viejos located in the Oro Valley.

• Houghton Reserve – Promenade is located in east Tucson.

• Star Valley, located in southwest Tucson

• Valencia Crossing, which is located in southeast Tucson, near I-10.

Contact me for information about new construction communities and home builder incentives. If you want an agent's professional representation, you'll need to include me during your first meeting with the builder.