Buyers who may not be seeing what they’re hoping to find in the resale market have been asking whether now is a good time to build a new home.
Actually, it is. Now is likely one of the best times to build new construction, as this type of home purchase eliminates the element of competing buyers from the deal.
However, there are some considerations to keep in mind before making the final decision to build. First of all, the newer the home, the longer you should stay in it. So for new construction purchases, you should probably plan on living in the home for quite some time.
This is especially true if you’re buying into a development where other homes are still being produced. Because in this case, buyers planning to move in the next few years will be competing with the builder as they attempt to list their home.
In terms of benefits, though, new construction properties have phenomenal warranties. New construction is, therefore, an especially desirable option for those who may not have emergency funds in place, as these properties are less likely to have major issues anytime soon.
So with bidding wars as common as they have been lately in our market, now is truly a great time to consider purchasing a new construction home. But make sure that when proceeding with this type of deal, you are well represented. Don’t approach a builder without an agent by your side. The agent present during a new construction open house represents the builder’s best interests, not yours.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
