That’s the sort of thing that would make local Boulder real estate news headlines! Buyers are getting under contract for only full price in Spring of 2021. Stop the presses! I mean, I’m hearing about homes selling willy nilly over list. Multiple offers galore. Especially for entry level homes. So, how in the world is possible buy a home and truly only pay full price?
What If I Told You My Clients Just Got Under Contract For Full Price?
It’s true. Dylan and Rachel just signed their contract and are under contract at full price. And, btw, no bidding war.
How did we do that? Simple. My clients elected to go with new construction. Getting under contract for only full price in 2021 sometimes means zigging when everyone else zags. By going after a new build, we eliminated the competition, the stress, the endless rejected offers.
Sure, new construction has it’s limitations. There is no terminating the contract on inspection. But, what I’m hearing out there, a lot of buyers are waiving that in their contracts to win bidding wars. And new construction deals don’t really have an appraisal issue. I’ve never seen that at least. So buyers on new builds don’t have to worry about covering tens of thousands of dollars in a shortfall.
Is New Construction Right For Everyone?
It can be a really great way to buy a home. There are some drawbacks. Timing can be one for sure. For instance, it generally takes up to ten months for a new build home to deliver. By contrast, the days on market has plummeted to a handful of weeks in recent Boulder realestate news headlines. I blogged on county stats addressing that for January!
Associated with timing are rising home mortgage interest rates. Since your deal might close in ten months time, if you go under contract today, you are not closing on your new place until February, 2022. Things could be quite different by then.
And then there is location. Boulder doesn’t have any new build projects in SoBo or NoBo. Check out my neighborhood guide and you can find plenty of great places to call home, some as old as the 1800’s. But there are quite limited new build options in Boulder itself. Especially for cash strapped first time home buyers!
Still, trading timing and location gives you peace of mind. And getting under contract for only full price puts you way ahead on equity. So not a bad tradeoff.
What About Regular Deals Bob?
Truth is, there are some good regular deals out there, right this moment. I had a closing this week for a first time home buyer in Arvada. He closed on his new home for just $8,000 over full price — less than 2% over a list price of $430,000. And he got a screaming deal. Valued well below Zillow’s Zestimate. How? I think good Realtors are doing their best work for their clients in a market like this. There are deals out there. And our job is to show the value and opportunity to clients like you.
Terms like, “Fixer Upper” are bantered about. When you actually see one, it can be a turn off emotionally. But getting a house needing a little TLC can be a great play to get into a home for a super price and create instant home equity.
Bob Gordon Realtor
I’m Bob. My goal is to put you, the client, first and foremost. My Buyer Agency agreement says I’m going to put your best interests first. I take that seriously and strive to treat each and every home buying client like the single most important person. Because, let’s be honest — your home purchase is the most important to you! Give me a shout to get to work on your behalf today.