Here’s how buyers can win in this tough real estate market.
Today, I’m going to share some valuable tips for homebuyers navigating the current market. As we all know, this seller’s market can be quite challenging, with low inventory and fierce competition. Buyers are facing multiple offers, especially for properties in the range of up to $1.5 million.
In such a frustrating situation, I recommend considering new-construction homes in thriving development communities. These offer a unique advantage that you won’t find in the resale market: a seller incentive of 3% of your purchase price. This 3% can be utilized for closing costs or buying down the interest rate.
By opting for a lower down payment, such as 3.5% on FHA or 3% on Fannie Mae or Freddie Mac loans, you’ll have some funds left for closing costs. However, it’s crucial to work with an agent who is well-versed in new construction, as these incentives are often not openly disclosed. Remember, if you don’t ask, you won’t receive. Builders may keep the incentives to themselves unless you specifically inquire about them.
Additionally, there’s a noteworthy program called the Hero Program, which provides incentives of $3,000 to $5,000 for healthcare professionals, teachers, firefighters, police officers, and law enforcement personnel. It’s worth exploring if you fall into one of these categories.
“It’s crucial to work with an agent who is well-versed in new construction.”
I want to give a shout-out to Century Communities, as I recently visited one of their communities and found they have exceptional programs. When you find a model home you like, you can go online, register yourself, and secure it with a $495 deposit on your credit card. Whether it’s a move-in-ready home or one in the upcoming phases, you can reserve it without competing with other buyers or worrying about online shenanigans. Stay proactive and keep an eye on availability.
If you’re feeling frustrated with the resale market, exploring new home construction is a smart move. Partner with your agent, who is familiar with the builders and can negotiate various incentive programs on your behalf. Remember, call or email me with any questions. I look forward to hearing from you.
