Recently a potential home buyer posted a question on Trulia.com about whether the offer a builder had agreed to home on a home in a Prince William County neighborhood was a "good deal."   My question back was had they looked at everything that was available in the neighborhood to determine if the builder was competitive with foreclosures or even resale properties?

It is easy for buyers, especially those who aren't represented by a buyer's agent, to develop tunnel vision when they are looking for a home.  Some buyers focus on foreclosures thinking that those might be the best value.  Others focus on new construction and think a builder might be willing to make the best deal.  Without knowing everything that is going on in a neighborhood it is impossible to know which property is going to be the "best deal."

New construction can easily impress a buyer.  Depending on the development you visit you will see granite counters, hardwood floors and soaring ceilings.  What you don't know until you sit down with the builder's representative is how much will all of those WOW items cost you?

When you look at a resale property you might see some of the same upgrades but you might become distracted by the current owner's possessions and not picture what the home would look like with your furniture and belongings.  Did you notice that the deck was already built, that window coverings are installed and the yard is landscaped?  All items that the builder doesn't include in the price they quoted you.

The final house you might see in the neighborhood is a bank owned home.  It also has the same upgrades that are in the builder's model.  The landscaping is a bit overgrown, it needs a good cleaning and the bright orange paint in the living room isn't your style.  But while you were commenting on the previous owners problems did you notice the fully finished walkout basement, the upgraded appliances in the kitchen or the flagstone patio?

Buyers with tunnel vision may discover after closing that they might have been able to either negotiate further with the builder or walk down the street and pay $100,000 less for a home that needs a little TLC.   So don't let tunnel vision keep you from checking out all of the possibilities in a neighborhood.  If you don't have an agent representing you call one today.  They could save you thousands and even in some cases a hundred thousand dollars over new construction.