If you’ve been shopping for a new home lately, you may have noticed builders are getting a lot more generous. In fact, nearly two out of three builders are now offering incentives to buyers, the highest level we’ve seen in the past five years. It’s their way of keeping deals moving at a time when high mortgage rates and steep home prices are making affordability a challenge.

The kinds of perks on the table vary, but some of the most common are mortgage-rate buydowns that temporarily lower your interest rate, free upgrades like better appliances or finishes, credits toward closing costs, and even extended warranties. For many buyers, these extras can make a noticeable difference in both the short-term monthly payment and the overall cost of the purchase.

Price cuts are also in play. About 37 percent of builders have lowered home prices by around five percent, a trend that’s been consistent since late last year. While that might not sound like a huge discount, combined with the added incentives, it can make new construction more appealing than resales in some markets.

Of course, this generosity isn’t without a cost. Big-name builders like D.R. Horton and PulteGroup have seen their profits dip, partly due to the expense of keeping buyers interested with these kinds of offers. Still, they’d rather trim their bottom line a little than let unsold homes sit too long on the market.

Builder confidence varies across the country. Sentiment is strongest in the Midwest and Northeast, where demand has held up better, while the South and especially the West are showing more strain. Wherever you are, though, the takeaway is the same: if you’re thinking of buying new construction, you may never have more leverage than you do right now.

In summary, I’d say buyers should take a close look at what’s being offered in their area. Definitely some Blacksburg and Christiansburg builders are motivated and that can work to your advantage if you’re ready to make a move.

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