If you're looking to buy a home, there's some exciting news for you. Many assume that newly built homes are more expensive than existing ones (those that have already been lived in), but that's not always the case. In fact, exploring newly built homes can sometimes lead to more cost-effective options, especially in today's market. Hard to believe? But the data supports this.

Here are two key reasons why working with your agent to consider new home construction could help you find a more budget-friendly option:

Reason 1: Lower Median Prices for Newly Built Homes. The median sales price for newly built homes is currently lower than that of existing homes. This might seem surprising.

Why is that? Builders are focused on creating homes that meet current market demands. Right now, there's a significant need for smaller and more affordable homes, so that's what they've been constructing. Additionally, there are more newly built homes available now than in recent years, prompting builders to prioritize selling their existing inventory before adding more.

Reason 2: Attractive Incentives from Home Builders. Another major reason to consider a newly built home is the variety of incentives many home builders are offering. To sell their current stock, some builders are providing special deals to attract homebuyers. HousingWire highlights this trend:

"Overall, the usage of sales incentives was up to 61% in June, compared to 59% in May." One of the most enticing incentives is the competitive mortgage rates that builders can offer. They may also provide other perks, such as covering closing costs or offering free upgrades.

Why This Matters to You Exploring newly built homes could present opportunities you hadn't considered before. With competitive pricing and attractive incentives, you might find that a brand-new home is the most appealing option for you.