BUY VERSUS BUILD????

By
Real Estate Agent with Nilson Homes

 

In Utah, we are experiencing a huge surge in population growth. Consequently, there is not enough affordable housing to support the growth. Home prices are surging, existing home options are declining, rent is increasing and home buyers are left without any direction to go. At Nilson homes, we understand this crisis and are doing what we can to reverse that trend and provide quality homes at an affordable price. 

Why settle for an overpriced existing home when you can buy new? I see thousands of potential home buyers walk through the doors of my model each year and I ask them this question. I am surprised to hear how many don't truly understand the State of the union with the local market. Almost without hesitation, a high percentage of individuals feel that eventually something will come on the market for them. This is an ill advised approach as that rarely occurs. In many cases, those same buyers walk back in to the model home months later very discouraged with their search and end up building a new home at a higher price. They have lost several months in the search process and most likely, thousands of dollars too.

The harsh reality is that in a market with increasing prices, you are better served to commit early and take advantage of the appreciating market. Build that equity in the home while it is being built. If you work with a good builder who understands how to leverage this in your favor, you can actually use the appeciation in equity to your advantage at the time of settlement. Additionally, you omit the need to compete in a bidding war for existing homes. In our local market, homes are selling at or above market price. What that means is that you are competing with CASH buyers and/or Out of State Buyers that find the local market a value compared to where they currently live. They migrate to the State and find our housing market a bargain. I have heard of local homes being offered as much as $60,000 above value.  If you require lending, you have no chance because lenders will not lend above market value on the home. Lastly, you are getting a new home with a WARRANTY. If anything goes wrong, you are covered. I can think of a million other reasons to consider building during this market but I won't bore you with the details. If you would like more information on the topic, please visit www.worldsgreatestbuilder.com or email info@nilsonhomeutah.com 

 

 

 

 

 

 

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Chad Felter

Custom Home Builder Specializing in New Homes
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