Savvy home buyers are seeing the best deals ever and the pickings are fabulous when it comes to selecting your dream home.
With a wave of foreclosures homebuyers have been reluctant to purchase new homes when they could snag a foreclosed home with a deep discount; but now, the big boys are introducing all types of incentives that really have placed foreclosed properties on the back burner.
Imagine purchasing a customizable colonial for under $200,000 with a brand new 2011, $17,000 car. Perhaps you’d be interested in a quaint and pristine brick-and-stone townhouse that comes with $25,000 in free upgrades that include wood-burning fireplaces, stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs. Sounds enticing, right?
Obviously, business has been soft in the housing market and these incentives are more evidence that buyers have the upper hand and every qualified buyer should be running to a real estate agent. However, this is becoming a bigger problem for sellers. Competition is stiff – not that sellers cannot compete and accomplish a sale, but it takes a few tips and tricks to get there.
Many potential homebuyers are taking their time to purchase a home; some have commitment phobia, others believe the housing market will become far worse opening up better deals with lower mortgage interest rates; these scenarios are unlikely since the housing market is pretty steady in most parts of the country.
Advantages of Buying a New Home Now
• Right now you are able to purchase more home than you could have 2 years ago. Builders that re-started their momentum 3 years ago have discounted brand new communities. You could purchase a single family home for under $350,000 and now that price is discounted.
• Buyers are being lavished with lawns sodded to perfection, absurdly low financing and free insurance that will pay the mortgage if you lose your job.
• Reduced costs on “immediate availability” sales; many times a transaction falls through because the homebuyer could not secure a mortgage on the home they selected; these homes go back on the market at reduced costs. The builder wants to sell immediately and the buyer is in the driver’s seat. To get the best deal on these homes you need a real estate agent because the builder’s sale team will definitely try and get the most out of this deal and you could wind up overpaying.
The biggest issue with home buying used to be raising the deposit and closing costs but with new home pricing and incentives to help with closing costs, all those costs excuses are a thing of the past.
The housing market’s recovery is definitely slow but we are within the greatest time to purchase right now; as we’ve already seen, mortgage interest rates slowly increase and home prices will follow.
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