New Construction Update Summer 2020
Timely information on the Triangle real estate market is critically important. Here is the New Construction Update Summer 2020:
The COVID-19 pandemic has affected the 2020 Triangle real estate but maybe not in the way you think.
New construction starts (aka permits) slowed or stopped in late March through April; meanwhile, builders continued to finish houses that were in process. Construction was considered an essential industry in NC so builders kept vendors working as much as possible. Once the shutdown was lifted in NC, building starts picked back up. Builders discounted homes that were complete to get them sold but as soon as the state opened up, the discounts and huge incentives disappeared.
What you can expect in August of 2020 – Up-to-Date New Construction Update Summer 2020
As of August 2020, builders are moving forward with new neighborhoods and are selling at a brisk pace. Some builders are still offering some incentives, just as they did in past years before the pandemic.
The 2 most important aspects of building or buying a brand new home require a highly-rated buyers agent:
1) Pricing – Helping to address these questions – Is there negotiation room on price, lot premium, or options? Can you write a contingent offer if you have a property to sell and how might that affect your purchase price?
2) Representation throughout the process – Remember the builder representative doesn’t work for the buyer so a good buyer’s agent will help with lot selection, review of builder contracts and lengthly, detailed addenda, and will attend builder meetings to ensure the process is moving along smoothly so you get exactly what you expected.
Also, you need help to navigate the mortgage process since there are several months between writing the contract and when you can close and move into your new home. Pro tip – Many people use the builder’s lender when they are leaving money on the table by not shopping around on the mortgage rates and fees.
Buyer Representation – it’s Priceless
Builders will pay a buyer agent’s commission so even though it sounds cliche, it is true that having buyer representation when building a new home isn’t free, it’s priceless.
If you are thinking about buying or building a new home, let me know and we can discuss your situation. Call or Text Amy for your SHAIR of the market at 919-818-5001.