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Taking Advantage of the Housing Crisis: New Construction
The economic downturn has already caused Richmond area home prices to drop. Home builders are feeling the pain as well and in some cases they are desperate to turn their inventory of new homes into cash.
How can potential new home buyers turn this to their advantage?
TARGET THE RIGHT DEVELOPERS and BUILDERS
Some home builders are more likely than others to offer discounts. Those with solid finances might decide to sit tight and wait for things to improve. At the other end of the scale, there are builders who want to turn their assets into cash quickly. You can get a better deal from a more desperate home builder. Watch the financial press for reports of companies that may be struggling. Those are the companies more likely to negotiate on price and extras like upgrades to appliances, granite counter tops, nicer fixtures, etc. Doing some research can really pay off!
BE FLEXIBLE ABOUT LOCATION
If you are interested in an area or development where supply and demand are roughly in balance, developers have less incentive to cut their prices, however if there is a surplus of unsold new homes, you are more likely to find a better deal.
Keep in mind all your own financial circumstances before signing the contract, even if the builder has offered you a discount or incentives. A good deal for one home buyer might not be a good one for another.
DON’T JUST LOOK AT THE DISCOUNT
It’s easy to for bargain-hunters to look for the biggest discount from the “full” price on a newly constructed home, but if the original price was inflated, the discount is not as great as it may seem.
Homebuyers are often to focused on the largest discount from the asking price, but what was the asking price in the first place? Was it inflated? Get an idea of what the home is really worth in today’s market and then start negotiating from that point. You can do this by checking prices of comparable sales in the area. Skye Bruce Properties, The Official REALTOR and Buyer’s Agents of RichmondHomeShopper.com can help!
CONSIDER INCENTIVES AS WELL AS DISCOUNTS
New Home Builders often offer incentives to potential buyers, such as upgraded kitchens, lighting fixtures, granite counter tops, closing costs etc. These should be considered as well as discounts off the asking price.
Consult your REALTOR to insure you are getting the best discount overall through the price and/or by taking the incentives. They can help you evaluate what the incentives are really worth in the market today versus what the builders price is for the upgrades.
TIME YOUR OFFER
Home builders may be more open to offers at certain times of the year. Especially large, production builders that have shareholders. They may want to boost their sales figures at the end of a month, quarter or year end. (fiscal or calendar) Again, a little bit of investigating can sometimes save you money!
MORE IMPORTANT INFORMATION FOR NEW HOME BUYERS!!!
Don’t get caught in the trap! We have all been riding down the road and see those “OPEN” flags blowing in the wind in front of a gorgeous model home with freshly laid sod out front. As we walk in every light in the house is on, there is a scent of freshly baked cookies and the home is decorated to a tee with every feature the husband wants and every feature the wife wants. If you are in the market for a new home, please read the following before you walk in to that beautifully decorated model home.First and most importantly you will want a REALTOR to represent you and only you in the transaction. If you walk in to the new construction model home and sign in and register, you may not be able to come back later with your own representation. What this means to you is that the builders REALTOR marketed the home and that is the reason you found them so you might be stuck using the builders agent to represent you in the transaction. It is critical to have a REALTOR represent you separate from representing the seller when buying a new construction. As a Buyer you need to make sure someone is representing your interests full time. They will negotiate for builder incentives and help you determine what the homes market value really is. RichmondHomeShopper.com Buyer’s Agents are very familiar with Richmond area builders and know what to expect. They know what and how to ask for upgrades and incentives to make sure your purchase is a financial success.
New construction can be a great experience and the pride of owning a brand new home is wonderful. Make sure you have a RichmondHomeShopper.com Buyer’s Agent from Skye Bruce Properties represent you and not the builder to ensure quality and price come together to make your new home an exceptional value! They can also provide you with detailed information about new homes and developments throughout the Richmond metro area. Contact Skye Bruce Properties today!
