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Why A Newbuild Could Be A Good Option For You
There are many reasons to buy a new home. Most builders will give you some input such as selecting an ideal floor plan, making some finish choices such as paint color, flooring and sensible upgrades. There is now another reason buying a new home could be a great option. Let me explain. Have you been thinking about selling your home but don't think you will be able to find a replacement because the market is so hot? If you are up with the current news in the real estate market, then you are aware that homes sell very fast. Many homes get multiple offers the first week and end up selling for above the list or appraisal price. This is what happens when there is a shortage of resale homes (known as standing inventory). The solution.... build or buy a new home! It is great to be able to "lock" in a price. By the time it is built it will probably have gained value.
Did you know that you can go under contract on a new home with many builders without selling your current home? You can! Most builders will not allow you to write a contingent contract but they will allow you to put down a non-refundable deposit that can be used for your down payment when you close. Because homes are selling so fast with the current shortage, your risk is lower than in a normal balanced market. With the help of a Realtor, you may be able to avoid the need for interim housing when your homes sells and you are waiting for your new home to be built. Many buyers are willing to allow the seller to remain in the house for up to 60 days after the sale. This post occupancy arrangement is termed a "rent-back." For more details, talk to a Realtor!
Home builders will typically not pay a Realtor unless you (the buyer) visits the new home community with the Realtor. Why would you need a Realtor for a new build when you can go directly to the builder? It is wise to be represented by a professional in such a large purchase. A Realtor will know things about the builder, contract process, the build and inspection process, warranty, community, schools. Some Realtors offer a discount if you use them to represent you for both the listing of your current home and the new home purchase. A Realtor that is handling both your purchase and sale will be an great asset in negotiating the timing of the two.
If you would like to know more about new homes and new home communities, please contact me or any of the knowledgable brokers at Ion Real Estate. The photos in this blog were taken in April in Golden, CO.
Licensed real estate broker in Colorado since 2001 and Colorado resident since 1983. Dave specializes in the older homes near the city and the western suburbs such as Lakewood, Wheat Ridge, and Golden....
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