Currently in our market, there is a shortage of homes. Yes, a shortage. It is hard to believe given that many of us still remember what happen in the market place from 2009 to 2012, even though we are a few years past this, sellers (and buyers) do not realize how quickly the market went from a buyers’ market to a sellers’ market. Foreclosures, short sales, and vacant homes still have a lingering taste, but there isn’t as many of those available. Homes took an extended time to sell and many did not. Today, that has change, inventory is low. There are more buyers in the market place searching for a home to purchase than there are sellers willing to sell. This will continue, as Rebound Buyers, those former home owners who experience a short sale or foreclosure are now allowed to enter the market place again. In the market today, many of the homes that are price correctly and in good condition are seeing multiple offers. Sometimes well above asking price. Now is the time to consider new construction for your home purchase and here are five key reasons why:
1. Its new!
Think of your big ticket items, such as the roof, siding, windows, furnace, and HVAC just to mention a few. In real estate, it’s Murphy’s Law that if something is going to fail, it will fail right before you put your home on the market or right after you purchase one. In the long run, buying new construction allows you to extend when you will need to replace any of the above items. Existing homes come with hidden costs, unknown past issues and sellers passing their problems onto you.
2. Style and Design.
Today’s floor plans are usually more efficient, lay out better, and make better use of the space. They are designed to reduce waste, costs, and future issues. Many existing homes try to improve their floor plan by remodeling and this often creates a home where the buyer walks in and thinks, “This is odd.”
3. Building materials and code improvements.
As with many industries over time the process and materials improve, it is no different with the building industry. The materials are better and the changes in building codes often correct issues of the past. It is just logical that the technology used to build a home in early 1900’s is much less advance than the technology building that same home today. Equipment, tools, education, and the process of manufacturing materials, all have improve.
As noted above that building standards and materials have improve, even so many builders provide warranties as part of their business model and others revert to the MN statues, meaning your home is protected with a 1 year, 2year and 10 year warranty.
5. You get what you want.
When a buyer is in the market looking for existing homes you are choosing between homes that were design with other peoples choices in mind, these homes where the choices of those that built them. They are not what you would have done. You may have wanted a kitchen island, a double oven, recessed lightings, etc. Why live in a home that you did not participate in its design? Whereas, in new construction you get to select the color, design, floor plan, materials, etc. Making the home truly yours and fitting the home to your lifestyle, your personality, and satisfy your needs.
This is only an appetizer to why new construction maybe the best option for many of the home buyers out there right now, who are either not finding what they want or losing out to homes on multiple offers.
Written by Jay Fletch
Jay Fletch, is highly credential and experienced real estate agent serving Washington County, MN and St. Croix County, WI. He can be reach by email at firstname.lastname@example.org or by cell phone 715-760-1189. Copy right 8/18/2014.