With only 2 weeks remaining in March, right now may be the best time to make a killer deal on a new home, if you are ready, willing, and able to buy. If being under a little pressure as far as time and energy is ok with you in exchange for saving thousands of dollars or more, this may be what you have been waiting for.
Quick disclaimer this information is about new homes and in most cases will have nothing to do with existing homes. There, now that that's out of the way, let's move on.
As you are probably aware the past year has not been kind to the home building industry overall across the nation. Yes, I know there are exceptions, but if you're in one of those few areas be thankful and understand that while this information is targeted to the majority of markets it still is valid in all areas to one degree or another.
March for homebuilders means the end of the fiscal quarter, and for some it is also the fiscal year-end. Soon these companies will be reporting their quarterly earnings, either to private investors, or in the case of publicly held builders those numbers will be released as earnings statements to Wall Street.
"So what? What does that have to do with me?" Well if you're ready, willing, and able to buy and close escrow in very short order, many of these builders will do almost anything to make the deal work.
What can you expect: Well the builders are not going to give the home away, they are not in business to lose money. But at the same time if they can improve the balance sheet I have seen where they will sell at a 1 to 2% profit, yes even sometimes at a small lose, un-like the more typical 8-12% profit. Now they are not going to just roll over to make these deals and you will need to do the following things:
1-Be prepared, have your tax returns, paystubs, and misc. other financials in order and preferably with you.
2-Be ready to take between 3-5 days off of work to sign documents, do the home inspection, apply for loans etc.
3- Do your home-work with a Realtor, know what homes are actually selling for, what price adjustments has the builder recently made, do your research on the neighborhood and the builder, a great deal on a home you hate, in an area you do not like, from a builder who does not stand behind there product is NO deal at all.
Be ready to act quickly and you can make a great deal on a new home, be unreasonable and/or hesitate and all you'll do is waste your time and energy.