Most of the country is experiencing a very tight real estate market. Inventory
levels are historically low, perhaps owing to the concern of strangers traipsing
through the home during this time. Additionally, because most people are staying
home, they have been able to focus on their property and how it fits into their
lifestyle, emphasizing the need to right-size their environment.
With properly-priced homes moving quickly off the market, homebuyers are
frustrated. For those who can be flexible with their timing, new construction
offers an appealing alternative to the resale market.
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. Yet, new construction is more than modern
floorplans and beautiful finishes. 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.
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