The Final Phase Of New Construction Is The Ideal Time To Buy

Oh, some very good points for a buyer to consider!  We did see some subdivisions get started just as the market started to slip, and so some early buyers are just now finally seeing the project get built out - and it was woe to any of those early buyers who tried to sell a house that looked like it was in the middle of a ghost town!

You are so right Barbara.  The last phase has a lot of the bugs worked out from the initial phase, beyond just the dust and noise.

Barbara these are things most people would not think of, I know they did not occur to me.  Great info to store in the back of my mind!!!

Very good insight into new construction and when to buy. All the kinks and noise are over at the end of costruction and you know how the end product will look like. You will to know what problems the homeowners had and the chance to avoid them.

Unfortunately, if you wait until the "Final Stage" of construction to make an offer here in the Coeur d'Alene area... you'll be out of luck.   New construction is selling before they even get the foundation in.  Subdivision's are selling out while they still look only 1/2 full.  All the premium lots are gone before a house is even up.

With that said.  I do agree that when and if this situation changes and there are more new construction homes going up than there is demand for... waiting unitl it's in the final stage could eliminate some of the noise and dust you experience in a new neighborhood.

I bought my house, new construction, many years ago.  We were one of the first to take possession.  Honestly, the pit falls you refer to are such a distant memory and we were able to get in at a good price.  I have no regrets and we are still very happy in the house.

I was the 2nd buyer in a new development and experienced everything you describe. Great post.

The final phase of new construction can have some postives for sure.. It really depends on the particular subdivision.  Sometimes, the best lots are gone.. other times there are some great opportunities.

Barbara, I always tell my buyers exactly the same thing - the builders save the best for last one....lol!

Barb: a couple more points - no nails in the tires, and the roads and sidewalks are completed. My family of fire (4 cars) had tire issues throughout the process - random nails and screws in the street. It was a nuisance and got expensive. These new communities look their best when the final road service is complete and all the sidewalks are connected.

Barbara, purchasing in the very last phase of construction and you usually see some great deals. Seems builders are anxious to close up shop on the community and already moved on to a new location.

I would echo Jane's comment...great prices AND for many people if there is not a model to see...what you see IS what you get..not a blueprint that they can't visualizea and they can just enter during the "fun part" of choosing colors, finishes, etc.

Good advice Barbara. .this is definitely worth re blogging to spread the message. .

Barbara, we were one of the first families in our phase of the subdivision. Although, I don't disagree with you, we got to pick the best lot on the street.

Well, I've personally always done that on my own homes, but I also paid somewhat of a premium to be "last." If it's a great selling community, the prices keep going up as they community finishes out. It's a tradeoff obviously.

Very good post and when visiting with this subject, it pays to have someone represent you that does this full time....thank you

Terrific blog.  I still like the part that if I buy in Phase One I save $.

I guess it depends on your choices - more $ or more solitude!

Thanks.

Barbara, interesting perspective.  I know it holds true as well.  Usually the price is slightly higher, but I also think that the builder might throw in a few free options to keep prices up there and existing homeowners happy.  It also make for easy comps for the appraisal.

One thing for sure.  If I have a relocating (or local) buyer who wants new construction and doesn't want to build from scratch, you can bet your boots I'll be on the road visiting every builder in the area and price range looking for INVENTORY.

Inventory is anything that can be delivered as soon as financing is approved, 0-3 months.

 

In Oklahoma, the best time to buy is in the dirt phase. Sheetrock has gone up monthly in price, as well as increases in concrete, wood, you name it. Land cost here did not go down at all in 2007-2008 so our land values keep rising. With the draconian immigration laws we have there are not enough Hispanics to work since many left out of fear but also to work in the energy fields on the rigs. I have anew constrcution just finishing that we contract for early january and by the time it is finished their is a $20,000 bump in value. Here you buy before constrcution starts.