New Construction or Spec

By
Real Estate Agent with Kettley and Company

The real estate market today has cooled. The local builders in the area are scaling back but for a myriad of reasons they are continuing onward and upward. The idea of owning a new home is in the mind of all of us. The reality is if you are opting for new construction you should contact your local realtor and ask about incentives that builders may be offering on the inventory of homes that are either already built and ready to move into or are in some stage of completion.

The need to keep the doors open and the guys working in the field has created opportunities for home buyers. The builder may be willing to offer upgrades and incentives to buy a home already under construction. You may even be able to pick some of your own options. It is definitely worth talking to your realtor about.

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Shucks Randy.  New homes is all I'll sell.  The prices are down.  The incentives are up.

That's a lot more than can be said about the resale market here.

 

Jul 25, 2007 04:19 AM #1
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Dotti Driver
Sky Realty - Austin, TX
GRI, E-Pro Realtor
You're so right about those incentives.  Some builders are actually selling at a loss just to reduce their inventory.
Jul 25, 2007 04:24 AM #2
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Randy Lyon
Kettley and Company - Oswego, IL

Hi Lenn,

I could have made this a two part story. The new subdivisions in our area all have SSAs for the streets , sewers, water and other sundry infrastructure items. We as realtors need to carry out our due diligence and inform prospective buyers of additional costs that effects the bottom line on there monthly housing budget. It is also a big factor when it comes to the resale of these homes.

Check with your local real estate professional to see if the subdivision you have your sights on has an SSA.

Jul 25, 2007 04:26 AM #3
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Randy Lyon
Kettley and Company - Oswego, IL

Dotti,

Thanks for mentioning the incentives. The builders here are a heartybunch and with just a slight upturn in the market in June. Still below last years June. The housing starts are up in July. Remember Tom Cruise's movie "Risky Business"

Jul 25, 2007 04:31 AM #4
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