Every day there is quite the influx of buyers wanting to purchase a home. On the other hand, not a lot of people are wanting to sell their homes. What could be the reasoning behind this? One idea is the fact that people are still concerned for their safety with the coronavirus. However, what we hear more frequently is that sellers do not want to sell their home because they will have no place to move to with such low inventory. Is this a concern you have with selling right now? Then read on!

Consider Building a New Property

Image from Build Magazine

There are multiple benefits to purchasing a brand new property. There are many developers looking to build new homes right now in Texas. While lots sell quickly, there are plenty of options for you if you can’t find your dream home sitting on the market out there already. In addition, many steps in the home transition process become easier.

If your home is being built from scratch, you won’t have to stress about possible damages from people living in a home before you. These small repairs could end up costing quite a bit over time. When you purchase a newly built home, you have the assurance that everything is good as new! Also, new homes come with a lot of energy efficient options. Having things like new appliances, a new roof and new windows will lower your energy costs per month. This could save you thousands of dollars in the long run.

One other benefit to building a home is you have a say in exactly what you want! You can find a house that’s almost perfect for you already listed on the market, but building a house ensures that you get the perfect one. You can decide on colors, what rooms you want, what floors you want, and more. If you decide to purchase a previously built home, major changes like this can be pricey.

Buying an Existing Property

Image from Dean’s Team Chicago

While buying a property may seem daunting and frustrating right now, it is definitely not impossible. If you take the right steps and are ready to act quickly, you should be moving into your dream home in no time no matter where you want to move. Here are some of the benefits to buying an existing home if this is a better option for you.

First off, buying a property means that you can usually negotiate pricing with a seller, which is often not possible when building. This can be helpful to save money, but also means it gets way competitive. By getting pre-approved by a lender and having money ready to put down, you can have a leg up in the negotiation process. The move in time may also be quicker for getting an existing property if your move is urgent. Waiting on a builder could take a few months. It just depends on what the ideal timeline is for you.

Another benefit is moving into an established neighborhood. If you move into an existing property, chances are the area and schools are well developed and easy to transition into. If this high sense of community is important to you, buying an existing home might be the best move for you.

Weighing Your Options

In this market, making a decision about selling and moving is difficult. There can be a lot of uncertainty. However, even with this struggle, there is never a better time to move. You are almost guaranteed to sell your home quickly, and if you are prepared, you will be able to find a new home. Don’t forget, interest rates are still at an all time low, which means you can save a lot of money every month! Contact one of our agents to help you make this decision if you are on the fence. They can talk to you about how much money you have in your home (equity), as well as give you all the tips for buying a new property. This is an exciting time in real estate! Let us help you make the best choice.

Header image from Diane Saatchi