As the overall market dips in to the winter doldrums with limited sales, it actually may be almost the perfect time to consider a new construction home purchase.(especially for those with existing properties to sell) Why is this?
Re-sale timing for current property:
Most importantly a new construction purchase right now means you are probably taking possession next summer or fall and this timing helps facilitate the sale of an existing property.
For example, those taking possession in February or March 2015 are faced with listing and selling a property right now when sales are slowest. Those with new home possession dates after mid 2015 are able to list their property in the more active spring and summer season when unit sales are 2 or 3 times what they are in December or January. (for a chart on unit sales by month, see below)
Also, those with properties to sell have ample time to get their properties ready for sale and carefully researching the market to build a sound selling plan with their REALTOR®.
Great deals abound:
Builders and developers are facing a slower market and have been offering extremely attractive upgrades, bonuses, price discounts and other incentives in what is a very competitive new home market. So it probably doesn’t get better than this for buyers.
Development fees by the City were approved to increase by 22-30% as of October 2014. Many builders still have inventory of properties approved prior to the deadline, so buyers may avoid this fee increase on some properties.( $3,000-$5,000 per home)
Inventory, spec and model homes:
Our experience tells us that builders are carrying a much wider selection of inventory and “spec” homes than ever and have priced these very attractively for buyers. These will offer earlier possession dates and some afford buyers the opportunity to pick their own interior finishing’s. (flooring, cabinetry, fixtures, paint, counters etc.)
Call your REALTOR® before “registering” or visiting the sales centre and model homes:
Buyers can benefit from the experience and advice of a real estate professional in shopping new construction home alternatives. No cost to the buyer and the REALTOR® is working for you, whereas the builder sales person is working for the builder. It is much like the Mortgage Broker vs the Bank Mortgage officer: the bank can only sell you what they have, while the broker can help you search for the best alternative that meets your specific needs
So call your REALTOR® for help in checking out new construction deals or if you are not working with one by all means give us a call. New construction homes are one of our specialties and we have several listings right now but can also assist with almost any builder project or property.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
Experienced professional service and listing fee choice for sellers!