Most of the country is experiencing a very tight real estate market. Inventory

levels are historically low, perhaps owing to the concern of strangers traipsing

through the home during this time. Additionally, because most people are staying

home, they have been able to focus on their property and how it fits into their

lifestyle, emphasizing the need to right-size their environment.

With properly-priced homes moving quickly off the market, homebuyers are

frustrated. For those who can be flexible with their timing, new construction

offers an appealing alternative to the resale market.

New construction offers the buyer a fresh, blank canvas on which to create their

perfect home. In any market, this can be appealing, but when resale inventory is

low, this is even more attractive. Yet, new construction is more than modern

floorplans and beautiful finishes. Before buying new construction, it’s important

to ask a few questions first:

• How long will the property take to build, and what possible delays could

affect that timeframe? How does that timeline fit in with selling your

current home or finding interim housing?

• Is your completion date affected by the sale or occupancy of other units or

phases?

• What is included in the base unit and what are the additional costs for

custom add-on options?

• What are the HOA (homeowner’s association) fees and what do they

cover?

In addition, it’s important to understand the exact location of the new home and

any planned developments or improvements which could affect the home in the

future – road noise, parking or traffic congestion, view, etc.

For those trying to compete in this resale seller’s market, it could be time to buy

new. Developers are offering some great incentives in this climate, and it can be a

great alternative for those with a little time to wait.