May 26, 2021
By Angie Week
New construction is an excellent option in this market because there is no competition for offers – prices are fixed. This is a very competitive Seller’s market due to lack of inventory. Purchase of a new construction allows you to eliminate the competition because you select your lot, model and the contract starts. Most new construction developments prefer that you utilize their in-house financing.
Here are a few other benefits of new construction:
- Low-Cost Maintenance
New construction homes come with a significant financial benefit: low maintenance costs. With modern plumbing, appliances, heating and air, a new construction home can leave you worry-free for several years. Also built with the latest building and safety codes.
- Convenience of Move-In Ready
New construction homes are a great option for home buyers who want to move in worry-free with only their suitcasesvWith a new construction home, you can trust everything is updated, your plumbing will and you won’t have any foundation problems that must be fixed before you can move into the home. You also don’t have to worry about missing or dated appliances, as new construction homes often come with state-of-the art appliances already installed.
This can include:
- Washer and dryer
- Stove and oven
- High-Rated Energy Efficiency
Most new construction include integration of advanced technologies as an added benefit of energy efficiency. Many new construction homes are certified by an independent, third-party home energy rater, which requires the home meet certain energy standards and requirements. This means the home will include insulated walls and ceilings, helping to reduce heat loss during winter and keeping your home cool during summer. Many new homes also include high efficiency central air conditioning, further reducing utility usage.
- The Protection of a New Home Warranty
New Constructions comes with a developer/builder warranty (in addition to a home warranty purchased). Allows you to buy with confidence of no problems or surprises after escrow closes.
- Modern Floor Plans and Designs for How You Live
Usually have well designed with open concepts. Usually modern with all the new designs. Most are technically equipped throughout the house, designed for entertaining and usually well designed. Of course upgrades are usually an option.
- A New Community With Top Amenities
When you purchase a new construction home, you get more than just a house. You also gain a brand-new community with amenities and features you can’t always get in a pre-owned home. Along with the added bonus of an expertly crafted neighborhood, many communities come with a full social calendar and a fully equipped gym with fitness classes included
Some communities also offer resort-style amenities, such as:
- Swimming pools
- Grand clubhouses
- Walking trails
- Tennis and pickleball courts
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Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In
Prices falling in expensive cities
In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.
We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.
It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.
The only way to know for sure is to wait until the latest rate hike sets in.
Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS article. M&M Membership...
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.
At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.
Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.
“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.