Build or Buy: Your Best Options Now
A decade ago, new homes were popping up all over east valley Arizona, and there are still many neighborhoods with new construction despite the real estate slow down. Of course, a lot has changed since then and many potential buyers are trying to decide again if building is right for them in a market flooded with existing homes for sale.
Builder Incentives v. Reduced Home Prices
The biggest toss up for many home buyers is the value of the newly built home in relation to the discounted prices on existing homes. In a neighborhood filled with homes that aren’t selling, you can usually bargain the price down considerably and get a great deal on an existing home. Building a home usually means the price is reasonably set if you’re not buying a home built on spec that builders are now trying to offload.
The advantage is that many builders are offering significant specials to get buyers in the door and you might end up with thousands of dollars in free upgrades or furniture when you opt for a new build. The best way to determine which situation has more value for you is to shop around in your desired area and see what is available.
Move In Now or Later
Building a home from the ground up is exciting and time consuming. While some new homes might be ready in as little as four months, others can take six months or even longer. Meanwhile homeowners anxious to sell are willing to negotiate closing in less than a month in some cases. In others, homes are sitting empty due to foreclosures or buyers who had to move before their existing home sold. If you’re anxious to move into a new home now, building isn’t the wisest choice. On the other hand, if time is on your side, building a home to suit you exactly might just be the way to go.
Location and Neighborhood
Now more than even, location makes a huge impact on your home choices. The most desirable locations are still desirable, even with a sluggish real estate market. If you’re hoping for a solid resale potential on your purchased home, moving into a desirable area is your best bet. Of course this also means you can expect to pay more for you home as these areas are still going strong. The farther you move away from these spots, the less you can expect to pay and not coincidentally, the more homes you’ll find for sale.
Buying a home in East Valley AZ, either existing or starting from scratch is always exciting and anxiety-producing. Never rush into a home purchase, and weigh your options carefully to be sure you’re buying the best home for your family both now and in the future.
About Author:- Tina Barton with The Barton Group have been working in real estate for over 10 years and helping people find and sell their dream home in Gilbert, Chandler, Mesa and the surrounding area.