Why New Builds Are the Best Choice in a Seller’s Market
Purchasing a New Build in a Seller’s Market
Right now, the Denver metro area is experiencing one of the most competitive home-buying markets in history. As a result, home prices are quickly rising, and sellers have the advantage in this current housing bubble. All of which raises the question: Should you buy a Denver-area home or build new? We’re breaking down why new builds might be the better choice for those looking to buy soon.
Home prices are rising — fast
The latest trends report from the Denver Metro Association of Realtors (DMAR) shows that home prices are up 9.7% year-over-year, with the median list price sitting at $482,700. And they’re not expected to go down anytime soon. But when you choose to build a home in a new build community, your home price is what it is; you won’t have to face last-minute spikes in costs because other buyers are after it.
You don’t have to compete for record-low inventory
In addition to rising home prices, the Denver-area currently has an all-time record-low inventory of houses on the market. In December 2020, there were only 2,541 listings, a drastic difference from the nearly 13,000 average listings from 1985-2019. That means the competition is incredibly fierce, and demand is at an all-time high.
On the other hand, a new build is dependent on your own timing. No scrambling to recently scheduled open houses or making offers within minutes of seeing a home (no good decisions come from rushing). In new build communities, the home-buying process is careful and calculated — not a competition.
Fairer closing costs
Because sellers in the Denver area have the upper-hand in the market right now, you’ll likely start paying for a lot more than higher home prices. Sellers can demand you pay closing costs and refuse to fix or replace anything before moving in. That’s because if you don’t take the deal, they know that someone else most definitely will. But when you build a new home, you don’t have to go through any of that — no last-minute surprise costs or shelling out more just because someone else wants the house, too.
They’re move-in ready
If a home seller refuses to make any improvements before you move in, you’ll have to cough up even more money for repairs and renovations down the line. It could take months or even years before you finally achieve the home you’ve always wanted. As you might have already guessed, though, a new build is move-in ready — and tailored to you. In West Line Village, you can choose from seven different floor plans and additional features like a flex room, balconies, hardwood floors, fireplaces, and so much more.
Design your perfect home today
With new home prices starting well below Denver’s projected average home price in 2021 (about $600,000) a move to a new home community is an excellent choice for homebuyers right now — even in a seller’s market. With all-time low mortgage rates, you can make your dream of living in the Rockies a reality. Not to mention, you get to reap the benefits of a Denver-area home: great communities, outdoor activities, and mountains, without the drawbacks of higher prices, renovations, and a stressful home-buying process.
Ready to start building your brand-new home? Contact West Line Village today!
