Why Build New in a Hot Market?
It had been a long day for my clients and myself. We viewed five homes together that afternoon. They were a young couple with two school age children needing to purchase a home around $300k. Of the homes we saw, three needed new carpet, had older mechanical systems, older roofs and one had a choppy floor plan. My clients got excited and decided to place an offer on the last one we saw knowing they could replace flooring and appliances with a year-end bonus.
There were not many homes in their price range, within the school district they needed and we had looked at all of homes on the market for months. Before we could get the offer presented to the seller, I received an email announcement stating two other offers had been received. All interested parties were asked to present their highest and best offer by 10:00 pm that evening. The seller would make a decision between those offers within 48 hours.
The housing market heats up between March through mid-July bringing the likelihood of multiple offers and limited supply to its peak. The buyer may be asked to allocate their own money for repairs needed, waive inspection remedies or waive appraisal contingencies to obtain the home.
So, why build new you ask? In a hot market, the biggest reason to look to a new build is your offer is the only one being considered - No Multiple Offers. This allows you to stick to your monthly budget while making an informed decision at your own pace. Need to think about the decision overnight? Take your time. It will be there in the morning. Sticking to your budget! The mortgage payment is the only housing expense you will have. There are not any necessary repairs or upgrades needed to make your home safe. This saves not just money, but time on those long weekend projects. Making a house a home! You choose the floor plan that works with your lifestyle. Perhaps you need an office, gourmet kitchen, formal dining room, finished basement, butlers pantry, messy kitchen, first floor owners suite, five level split, ranch or a traditional 2 story, there is a builder offering the right plan for your family. Protection! The new build home is protected by a warranty both from the builder and an additional extended warranty for the products they use, like the windows, appliances, roof, etc.
You are never asked to waive inspections or contingencies. Choose an experienced real estate agent to represent you, not the builders sales representative, to negotiate on your behalf and guide you through the process. A great agent will show you all the builders offering communities and floor plans within your price range within your desired areas. Your agent will assist with walking the lot, floor plan options, keeping you on budget, making recommendations on what to upgrade and what not to and addressing all your concerns and questions on the new build journey. Building a home is an exciting process. May you enjoy the experience, express yourself and save thousands!
Red One Realty