Depending on your perspective, these could be the best of times or the worst of times to be house-hunting. Listings are selling fast and values are trending upward. This is great news for sellers as well as new buyers who are likely to see their investment appreciate. The downside, however, is that inventory is low. Buyers may become frustrated in today’s market when multiple parties are interested in the same home. Or worse – when there’s nothing on the market that even matches their interest!
It’s now that many buyers consider building versus the traditional route of buying an existing property. Existing homes, as well as new builds, each have their own set of pros and cons to consider. This blog will explore both options from the perspective of a home buyer in a low-inventory housing market.
There is one other option: the spec home. Some builders speculate and begin build jobs before a property has been purchased. Purchasing a spec home will reduce the time to close since the foundation, framing, and even some of the finish work will likely be complete before the new buyer views the property and makes their offer. Buyers give up some control over the location and floor plan but still have a say in many of the details and upgrades. If this option interests you, ask your Realtor if he or she can contact builders in your area to set up showings.
Are you ready to begin looking? Whether you’re leaning toward building or buying an existing home, Ruoff’s loan specialists can help. Visit https://www.ruoff.com/loan-programs for more on conventional, government, and new home construction loans. Getting pre-approved for a home loan is the first step toward owning a home you love!
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