In Killeen, Texas – situated about an hour north of Austin – real estate agent Stephen Harris has observed that newly built suburban homes now sell for roughly $50,000 less than similar properties sold in 2022. Builders are offering mortgage rate discounts between 1 and 2 percentage points, a shift that has led many potential buyers, who once focused on older houses, to reconsider new constructions.
Stephen Harris pointed out that numerous buyers feel hesitant when it comes to purchasing new properties, yet attractive incentives are winning them over. In San Antonio, Khadija Najmi, a project manager at a financial services firm, recently purchased an inventory home built by a prominent developer. Najmi and her husband relocated from Dallas to be closer to family and, after examining older houses, chose a new build. A mortgage rate reduction to 4.99% helped them secure a larger home. This financial benefit allowed them to upgrade in comfort and secure a residence that fits both growth and stability.