Tight Sellers Market? Consider New Construction

The Problem

If you’ve been searching through various sites to try to spot a great real estate deal, you may have noticed something… There are hardly ANY homes for sale right now, and the ones that are hitting the market are selling FAST and for TOP DOLLAR. This is great news for sellers, but not so great if you’re in the market to buy. Instead of searching for resale homes, you may want to consider building new. You can avoid heavy competition, select your floorplan and finishes, and much more!

What Do I Need to Know

New construction offers the buyer a fresh, blank canvas on which to create their perfect home. In any market, this can be appealing, but when resale inventory is low, this is even more attractive. However, before buying new construction, it’s important to ask a few questions first:

How long will the property take to build, and what possible delays could affect that timeframe? How does that timeline fit in with selling your current home or finding interim housing?

Is your completion date affected by the sale or occupancy of other units or phases?

What is included in the base unit and what are the additional costs for custom add-on options?

What are the HOA (homeowner’s association) fees and what do they cover?

In addition, it’s important to understand the exact location of the new home and any planned developments or improvements which could affect the home in the future – road noise, parking or traffic congestion, view, etc. For those trying to compete in this resale seller’s market, it could be time to buy new. Developers are offering some great incentives in this climate, and it can be a great alternative for those with a little time to wait.

Final Remarks

Keep in mind, before you start viewing model homes, be sure to contact your real estate agent so they can accompany you on your first visit. Your agent can help negotiate pricing and incentives, inform you of any important contractual obligations, and make sure you’re adhering to the timeline as your home is being built. Always remember to notify your agent if you’re considering building new!

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