As one of the fastest-growing metropolitan areas, it’s no surprise that the housing market in Dallas/Fort Worth is booming. Numerous corporations have moved their headquarters to the Metroplex, and thousands more employees are expected to relocate within the next year. With so many new residents looking to purchase a home in the area, the low housing inventory is dwindling even further. In most areas of DFW, this poses a great challenge for home buyers as the competition to get their offer accepted is at an all-time high (and most experts say it’s not going to alleviate any time soon). Many pre-owned homes are seeing multiple offers – sometimes dozens, which can lead to frustrated buyers who lose out to the competition. Because of these market conditions, purchasing new construction is becoming a much more alluring option for many looking for their next home.
Benefits of New Construction
New construction home starts are currently up over 11% from 2014, and are at the highest levels we’ve seen since 2007. Encompassing almost half of all new construction inventory in DFW; Denton County, Frisco, McKinney, and North Fort Worth are some of the hottest areas in the Metroplex for home building. Having so much new home inventory available (and a one-year supply of vacant lots to be developed), you can avoid getting into bidding wars, repair negotiations, and even design the home of your dreams by opting to purchase new construction.
While the mortgage on a new home is more expensive when compared to that of a similar pre-owned home, what most people don’t realize is that the amount of money you save elsewhere balances out – and you get a brand new home while doing so! Purchasing new construction also allows you to benefit from much higher energy efficiency than that of a similar pre-owned home and save on your monthly utility bills. Another significant savings you’ll incur is the lower cost of home owners insurance for a brand new home.
If you’ve owned a home that is 10 years old or more, think of all the updates, repairs, and replacements you may have made. Maybe you have replaced the kitchen counters and backsplash, put in wood floors, or replaced older AC units which can amount to thousands of dollars in cost. Think of it this way – the average homeowner in Texas sells their house every 7 years, so by purchasing new construction, you would avoid most, if not all, major upgrades, updates and repairs. Think of the money you could save!
Working with an Agent
Before heading to a new construction community to check out the model home, be sure to contact a real estate specialist who knows the strengths of each builder and can educate you on different neighborhoods to ensure you find one that best fits your family’s unique needs. It’s important to understand that new construction sales representatives work for the builder, not for you. Your agent can negotiate with the builder to ensure you are getting the best possible price, and if something goes awry during the transaction, it’s crucial to have the support and knowledge of an experienced buyer’s agent who has your best interests in mind.
Click below to become a Rhodes Team VIP Buyer OR give us a call today at 972-899-5600 to speak with an area expert buyer’s agent about more of the benefits of choosing new construction and what is currently available in your desired area!
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