We give you insights on all the new home developments to save you time and money before purchasing your new home.
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A home purchase is one of the most significant decisions you'll make in your lifetime, most likely the most expensive. Way too often, homeowners have regretted their decision due to not knowing key information about a builder or new home community before moving forward.
A FEW NEW HOME PURCHASING POINTERS
ALWAYS HAVE A REAL ESTATE AGENT REPRESENT YOU
We highly recommend going in with a Real Estate agent that represents you. Before you step foot in the sales office, make sure you bring a real estate agent and have them register you asap as your representative. Require a copy or printed receipt of the registration before walking into the model homes. The Sales Person that works for the builder will more than likely try to persuade you not to use an agent. Why? If they are offering a commission, that looks good on their part with the builder. Builders also don't like dealing with Real Estate Agents with new homebuyers, it makes their job harder than dealing with a new home buyer that is fresh out of the water and easier to steer in the direction they want.
YOU HAVE THE UPPER HAND
Even in a seller's market, the sales agent wants to sell out as fast as possible and move onto the next community. No matter how they play it, they ultimately want you to buy and will do what they can to sell out. You'd be amazed if you knew the profit margins some of these builders have. They normally have some incentive between $5,000 and $10,000 for you using their preferred lender. For a typical townhome, I recommend you start by asking for $25,000 and go from there, all they can say is no, then counteroffer.
TIMING HELPS
Always try and get in on phase one, that's where they want to show momentum and give out the best deals. Also, the last few homes in the final phase can lead to hefty incentives because they want to close out. Phase one is where they get a feel for pricing, so builders typically keep the prices low in phase one. Keep in mind that the last few homes are the homes that nobody else wanted for whatever reason, so put on your negotiating boots and ask big. Another tip is to go in around five weeks before a year-end quarter on a home that will close escrow within 30 days. Usually, builders have investors, and to impress those investors, they want to show closings; the more closings, the better