One of the biggest impacts to the current real estate market is the lack of supply needed for the demand! Manufacturing almost came to a complete halt in 2020 causing most construction to stop. Manufacturers and in turn, construction, are only just now starting back up.
I have a few clients who are very excited about buying brand new homes. New construction is fun: you can choose the design and floor plan instead of living in someone else’s design and vision (sometimes poorly influenced by the 1970s, gah). With new construction, you have the ability to customize many aspects of your home and everything is new, clean, and the risk of needing immediate maintenance is minimal.
Clients are also enticed by incentives many home builders offer. Some offer closing cost assistance if you use their preferred settlement company, (which I definitely recommend) while others offer incentives for choosing to work with their preferred lender (though I recommend you still reach out to other lenders to make sure you are getting the best rate possible). And although the wait for a newly built home is long (I have clients waiting until May 2022 to move in), a new home that is yours from the start is alluring.
Here’s the important part that you may not know (and they won’t tell you): New construction builders are very strict about bringing your real estate agent to your first appointment. Why? They don’t want you to have your own agent representing you. If you stop by on your own, they may not let you hire an agent to represent your interests.
Without an agent, you may not know to ask about any public service special assessments as well as other monthly fees. You may not realize you need to negotiate closing costs, inspections, or upgrades. My advice: do not go into the office/model homes without your agent. The builder does not have your best interests in mind and without me (or another agent) with you on your first visit, you may miss an important step on the way to building the home of your dreams.
Arynne
PS: Not sure if you’re quite ready to move to your next home just yet? No problem. The sooner you start learning the ins and outs of this process, the better. Click here to book a real estate possibility call with me today!
