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3 things to consider when thinking about buying new construction
Dated: April 28 2021
Views: 267
I’m sure you’ve been hearing stories about how CRAZY the market is right now. It’s true, we are currently in a very unbalanced market. In a balanced market, there’s about 4-5 months of inventory. We currently have about 1 month of inventory. What this means is that if no new listings came on the market, everything would be gone in a month and there would be 0 homes for sale. These unbalanced conditions make it a super great market to sell a home and a super challenging market to buy a home. I know this creates a lot of questions for people. Luckily, there is a lot of new construction going on in the Portland metro area and buying a new construction home might be a great option for you. Here are 3 things to consider about when thinking about buying new construction.
Avoid the bidding wars - I’m sure you’ve been hearing stories about the crazy bidding wars that are going on right now. We have seen a lot of homes receiving multiple offers, above asking price. People are waiving inspections, offering to pay appraisal gap coverage, all kinds of stuff! This is not the case for EVERY builder, but many of the production builders work on a first come - first serve basis. They don’t take more than 1 offer on a lot.
You’ll have some time - right now, most builders are selling lots before the homes are built. Average build time is 4-6 months, depending on the builder and the home that’s being built. This will allow you time to prepare for your move. If you don’t have time, this is likely not a good option for you.
Know exactly where you’re moving before listing your house - In this market, some sellers are nervous about listing their home because they don’t have a replacement home secured yet. New construction is a great option because most builders will take a contingent offer. They all have slightly different requirements and timelines for this, but don’t worry, I’ll help you with this and will help with the verbiage in your listing to make a smooth transition.
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Chrissy Hanson
As a licensed real estate broker in Oregon and Washington, I specialize in helping real estate investors grow their portfolios and guide first-time home buyers into their dream homes. My team and I ac....
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