18 Dec Why Should You Buy New?
According to a recent article on Zillow.com, the real estate market has picked up in many parts of the country. Though lots of buyers are out shopping, inventory is still low. Many national and local homebuilders are buying land, getting plans drawn, and starting construction on new homes.
According to Zillow’s article, here are some things to consider when choosing whether or not new construction is right for you.
Not yet listed. Sellers normally list their home with a local real estate agent, but homebuilders often have their own employees working for them on site. This may mean the homebuilder isn’t a member of the local MLS. As a result, the homes may not show up in your agent’s MLS search. The builder may instead advertise online, using tradition print, or on billboards.
Presales only. A builder typically receives financing first and then maps out both a construction and a sales process. This means they’ll try to sell as many homes as possible before they’re even built. Model homes are created to allow buyers to go in and review floorplans, fixtures and finishes while the homes are under construction.
Buyer benefits include the ability to get a sense of what your new home would look and feel like and where it will be located in the community.
No baggage. When buying a home a family has lived in for many years it is clear that they’ve built memories there. So when it’s time to sell, issues, questions and uncertainties may arise and come out in the negotiation and purchase process. It could show up as pricing the home too high because they’re not ready to emotionally detach from it or wanting to know more details about the buyer and what their plans are for the property and home.
Homebuilders are focused more on numbers than sentiment. Prices are set based on inventory more than anything.
Getting to level up. When a builder gets close to selling out they are often more willing to negotiate, not so much on price but on upgrades. Upgrade packages such as hardwood floors or higher-end appliances could amount to a better deal than simply getting a price reduction.
Maintenance-free. If you’re a first-time homebuyer, new construction is a great idea. Specifically if you’re relying on the landlord for maintenance, it is pretty safe to assume that your first few years in a new home will be maintenance-free.
What benefits do you see with new construction? Share by commenting below or on our Facebook page!