New Home Builders in Northern Virgina are holding more standings inventory than usual as we enter the Spring 2016 selling season.
This is great news for our local home buyers and especially for people relocating into the area!
In general very few builders in our area build on speculation that a buyer will show up. Most built to contract and homes in this area typical take four to six months to build. So to see this many immediate delivery homes available tells you something must have caused this.
Yes, many buyers found themselves in a very disappointing position towards the end of the last quarter of 2015 .
So what happened you may be wondering?
Mortgage lending is ever changing with new rules and guidelines. Add to that the new closing procedures on residential real estate that came into effect on Oct 1st 2015, and you have a recipe for cancellations due to non-qualification. Typically new home buyers are approved by the lender in advance and then wait four to six months for the built time to be complete. For many Realtors, lenders and builders their heads have been spinning trying to keep up with the changes and still keep buyers moving forward.
One shift was in how lenders must treat school loans and this made a huge difference for people buying homes! It use to be if your loan was in deferment status for at least two years the payment did not count towards qualifying. In early Oct. that rule was changed so anyone who was marginal found themselves in trouble.
Then came the guideline change that if you changed jobs they could no longer use your first pay stub from your new job they needed a full months pay record before they can approve you. So what if you start your new job in the middle of the normal pay period. Now lets think about it some companies have been going to a monthly vs a biweekly pay period.
Next we saw some of the Grant Program's buyers may have been using for assistance be discontinued. When this happens you must close by a required date which is difficult if you are new construction!
So you can see where this could cause real issues especially for people who had selected a new home and were under the old guidelines!
This means Opportunity is Knocking for those who are in a financial position to buy now!
Interest Rates have held quite steady despite all the forecasting by the media of that they would rise sharply. No one has a crystal ball so we never know when mortgage rules will change. If you can find a home that is available now and you can close on it in 45 days it may be worth a serious look.
Standing inventory new homes are always a great value. After all think about it they were built when prices were a little lower, the builder does not need to forecast out six months and be worried if lumber costs will rise or could there be a market shift coming. The house is standing and they can look at real numbers and decide what they can sell it for with confidence. Most will be priced to sell and will offer generous closing cost assistance. I found 144 opporunities in Northern Virginia and this list updates daily click below.
I did a quick search of Immediate Delivery Homes in Northern Virginia check them out!
I often hear Patty I would love to buy a new home but I have a home I need to sell first!
If you are a home owner who has been dreaming of buying a new home this is the easiest way to transition from your present home to a new home. Inventory is low in many price points so resale homes that are priced well will fast allowing you to seize a win,win opportunity for yourself!
I cover most of Northern Virginia and I can tell you the Prince William County area especially in Woodbridge, Virginia the real estate market is a RED HOT and I watched last week nine new homes that I knew of get snapped up by buyers. There are still a few opportunities to find an Immediate Delivery in that area but they are selling fast.
Head out to Loudoun County and you will find some wonderful options near Aldie priced in the high $600,000+ range.
In Fairfax County I know of two single family new homes ready to go just about 2 miles from Fort Belvoir for the $700,000 and you can use your VA Loan to buy them! These will not be there long so call me if a short commute to Fort Belvoir or D.C is what you are looking for.
One of my favorite communities in Stafford County has a magnificent New Home on a half acre lot for under $500,000 with three finished levels. I would love the opportunity to help a buyer live here. The community is so peaceful and serene. The last buyer I took there said "We must be way out of our price range", and as soon as they walked through the front door they said "Where so we sign! They have been in a year and say they are so happy I showed them this area since they would have never found it on their own.
Tip from Patty - A word of caution
If you enter a builders office and register you give up your right to representation for a minimum of thirty days and as long as six months. Many times a buyer has no idea of this until they head back to the builder with their Realtor only to find out sorry you already registered. I worked on site for builders for over ten years of my thirty years in the real estate industry here in Norther Virgina and this is standard practice.
The builders representatives job is to represent the builder and present the product to you the buyer. As a New Home Buyer Specialist I am your advocate and work for your best interest. Buying a new home is exciting, emotional, overwhelming and sometimes confusing. As your representative I am here to walk you through each step of the process and keep you on track to a successful close. The builder pays the buyer agent so you have nothing to loose and you will not receive a discount if you choose to buy on your own. So it is in your best interest to have your own advocate paid by the builder to represent you.
It is a win, win for you the consumer!
So if you are thinking of buying your move up home or you trophy home I am here to help. I am confident I can save you time, money and stress working when helping you to find your dream home.
Let's Talk about what you are hoping to find I may know right where it is...
Call or Text Me at 703-801-9367
You can also search for any type of home available in Northern Virginia here
By the way if you find yourself in a new home model and want representation you can keep my card on your phone and use it when you register with a builder. That way you protect your right to representation should you decide to go back.
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