New Construction: 3 Important Tips for Buyers

New Construction During The Housing Shortage in 2021

If you are a home buyer then new construction may improve your chances of owning your dream home. But first, you have to be able to afford the high prices of new construction today. Regarding new construction Zillow states, “most new construction home buyers are repeat buyers — nearly 3 in 4 (71%) — so when it comes to deciding how to finance their home, they’re experienced, confident and prosperous enough to call the shots.”

Build it and they will come seems to be the slogan for the 2021 real estate industry. According to Forbes:

“Builders are going to be really busy (in 2021). There’s a renewed interest in housing after (people have been) crammed into a small apartment or house during Covid lockdowns,” says Danushka​ Nanayakkara‑Skillington, associate vice president, forecasting and analysis, at the National Association of Home Builders (NAHB). “Now, more than ever, people want more space. New construction on single-family homes could exceed 1 million (in 2021).”

3 Tips for Home Buyers

So, what’s the advice from the article in Forbes for the home buyers facing this extraordinary demand?  First, Expand Your Search to the Exurbs. What’s the exurbs, you may ask. Exurbs tend to be situated in more rural areas. Urban life can be expensive, but coincidentally, the pandemic has made it easier for people to work remotely. This allows the buyer to move in more remote locations.

Second, Prepare Your Financing Before You Start Looking. We’ve talked a lot about the importance of pre-approval in the past blog posts, so remember this could be extremely important with the competition you will be facing. And though pre-approval does not always work against the cash offers that we are currently seeing, there is another suggestion to consider. A pre-approval letter in hand will help! Visit our Preferred Lenders page to learn more.

Lastly, Take Your Time. Also, as we have mentioned in the past, a mortgage is one of the biggest financial commitments you will have. Don’t rush! As most experts suggest,  staying in your home for at least five years will help you build equity. Do you want to stay in a home that you weren’t sure of from the beginning? Think about it.

Here’s What’s New in New Construction From The Dias Team

A lot is happening in Winsor Woods Development in Johnston. Take a ride around the block and see what the Pezzuco Brothers Development Corp are building now! To learn more contact us today!

Private Financing New Construction

Check out 435 Sowams Road in Barrington, RI, financed by North Eastern Private Lenders. Build your dream home in the beautiful neighborhood of Hampden Meadows. If you are interested in real estate investment and need some capital visit our Private Financing page.