New Construction InsightsWelcome back to Hoosier Homes and Hustles! In this episode, co-hosts Jessica Williams and Stacy Preston, Realtors with eXp Realty, explore the pros, cons, and tips for buying new construction homes. With new construction playing a vital role in local inventory, this episode is a must-listen for anyone considering a new build or competing with one in the market.Key Topics Covered:1. New Construction Stats in IndianapolisNew construction homes account for approximately 30% of total home sales nationally.In Indianapolis, they represent 18% of total inventory, with a significant increase in building permits reported by the Builders Association of Greater Indianapolis.2. Pros of Buying New Construction:Brand-new home with minimal repairs needed in the first few years.Builder financing incentives.Lower utility and insurance costs.3. Cons of Buying New Construction:Potentially long wait times for completion.Unknown neighborhood development (e.g., builder changes, future neighbors).Additional expenses like blinds, fences, appliances, and landscaping.Challenges such as muddy yards, construction noise, and competing with the builder if reselling quickly.Generally higher price per square foot compared to pre-existing homes.4. Tips for Buying New Construction:Use a Realtor: Builder sales representatives have the best interest of the BUILDER in mind. You can use a Realtor to represent you in a new construction purchase.Shop Around: Compare builders for differences in included features.Consider Spec Homes: These are often better deals with room for negotiation.Get Inspections: Schedule both pre-drywall and final inspections with an independent inspector.5. Selling Considerations in a New Construction Market:Sellers competing with new builds should evaluate how their home stacks up (e.g., fresh paint, decluttering, or upgrades like finished basements).Highlight unique features such as professional landscaping or outdoor living spaces in your marketing.Offering incentives like seller concessions may help counter builder incentives.Closing Thoughts:Jessica and Stacy emphasize the importance of understanding new construction’s impact on the market, whether you're buying or selling. Use these tips to make informed decisions and maximize opportunities in today’s housing landscape.Engage with Us:Like, subscribe, and share to stay updated on all things real estate!Have questions or tips about new construction? Drop us a comment!Let’s hustle smarter, together. See you next time!Resources Mentioned:Builders Association of Greater Indianapolis New Construction ReportConnect with the hosts:Instagram: / hoosierhomeshustles Instagram: / stacyprestonrealtor Instagram: / journeywithjess89 We can connect you with an agent, anywhere! Let us play matchmaker. Fill out this form and we will reach out to connect you with an agent in our eXp Realty network. https://forms.gle/K6DkifYPSY4LCtJM6Produced by: Keith Williams from @ourdinnerpartypodLighting: Noah Preston