by Alison Crim
on Friday, July 9th, 2021 at 10:31am.
With inventory remaining low and so many of the homes listed being that of baby boomer’s long-time residences (needing updates), it is no wonder that so many home buyers are exploring new construction opportunities. New construction allows buyers to customize exactly what they want in their home, from the location to the floorplan and down to the finishing details.
In the greater Madison area, we are seeing new developments and new construction opportunities pop up in nearly every suburb. COVID buying trends continue to push buyers further out of the city and vying for larger lots with more privacy. Flexible work from home accommodations have also brought about more home office spaces than ever before, with most builders offering these spaces as a standard in their spec homes.
On the financing side, new construction is an excellent option for those with an existing home to sell. Leveraging equity in your existing home through a bridge loan or Home Equity Line of Credit (HELOC) is a great way to put a down payment on a new construction home, without having to move twice. As the market remains hot for sellers, it continues to be extremely difficult to have an offer accepted for an existing home with a home sale contingency – building a new home can remediate this issue.
Purchasing a home can be challenging for any buyer, but it can be especially daunting when buyers try to go at this alone without help from a realtor. With frequently changing supply costs, lot availability and SO many builders to choose from, having a realtor on your side will ensure the surprises are kept to a minimum and that you are well-educated to make better decisions along the way.
We would love to help with your new construction journey, wherever you’re thinking of building.