Many new construction homeowners think the city, government, or even the builder will ensure that the construction of your home is being performed at the highest quality and attention to detail. This simply isn't true. The city enforces minimum building codes. Although the minimum complies with the law you paid maximum price and should be confident that you are getting what you paid for. It is important that an inspection by an independent third party and be performed a three significant milestones.
1) After the foundation has been completed
2) Pre-drywall
3) Prior to close to create your punch list.
New construction is an endeavor that shouldn’t be taken lightly. Once you’ve accepted the property and the 1 year warranty has expired you inherit any and all problems that could have been caught in one of the aforementioned inspections. In addition, the buyer should not rely solely upon the assistance of the rep that sits in the model and takes your order. Many of the assistance are not licensed and represent the interest of the builder.
One common misconception I often hear with new construction buyers is that if they were to use a Realtor in the purchase of a new construction home that it would somehow cost more to purchase the property. In fact, the truth is just the opposite. Most builders have already factored in the cost of any commission that would be provided to the buyer’s Realtor as a known cost of sale. So if a buyer doesn’t bring representation then the builder gets to pocket that money you paid as profit.
Bottom line, protect yourself. You owe it to yourself to ensure you are well informed and making the best decisions possible. Don’t go into a new construction project unarmed and alone.
Real Estate is local. Understanding what you're market is doing is very important to both buyer and seller. The Beavercreek Market is unique because it has two markets North and South. This information communicates the pulse of the Beavercreek Market as a whole at a given point and changes DAILY! Your Realtor should know and understand this statistical information to be able to effectively market a seller's property or for suggesting bracketed offers for their buyers.
Beavercreek Combined Market Summary Report - November 2008
North:
Absorption Rate : 0.8 month supply on market
Activity Index : 151.1 Activity Index
South:
Absorption Rate : 1.1 month supply on market
Activity Index : 113.1 Activity Index
| Price range 1,000's | Number of Active Listings | Number of Pendings | Pending Ratio | Number of Expired Listings | Number of Closings Last Six Months | Avarage List Price of Sold Homes | Average Sold Price | List to Sales Ratio | Days on Market |
| 0 - 74,999 |
2 | 2 | 100% | 0 | 0 | $ 0 | $ 0 | 0% | 75 |
| 75,000- 99,999 |
19 | 6 | 32% | 5 | 9 | $ 93,678 | $ 90,944 | 97% | 109 |
| 100,000- 124,999 |
57 | 12 | 21% | 33 | 57 | $ 114,564 | $ 111,795 | 98% | 126 |
| 125,000- 149,999 |
211 | 28 | 13% | 97 | 167 | $ 141,704 | $ 139,181 | 98% | 149 |
| 150,000- 174,999 |
135 | 26 | 19% | 61 | 144 | $ 165,002 | $ 159,837 | 97% | 129 |
| 175,000- 199,999 |
121 | 14 | 12% | 45 | 137 | $ 188,380 | $ 180,316 | 96% | 132 |
| 200,000- 249,999 |
194 | 33 | 17% | 133 | 175 | $ 226,701 | $ 219,138 | 97% | 176 |
| 250,000- 299,999 |
109 | 16 | 15% | 75 | 116 | $ 272,386 | $ 261,936 | 96% | 155 |
| 300,000- 349,999 |
146 | 8 | 5% | 82 | 68 | $ 330,931 | $ 320,879 | 97% | 176 |
| 350,000- 399,999 |
108 | 8 | 7% | 109 | 58 | $ 386,086 | $ 366,483 | 95% | 240 |
| 400,000- 449,999 |
55 | 1 | 2% | 36 | 43 | $ 434,042 | $ 418,360 | 96% | 213 |
| 450,000- 499,999 |
80 | 13 | 16% | 39 | 27 | $ 484,863 | $ 465,778 | 96% | 167 |
| 500,000- 749,999 |
96 | 7 | 7% | 43 | 20 | $ 615,625 | $ 568,250 | 92% | 178 |
| 750,000- 999,999 |
42 | 0 | 0% | 12 | 10 | $ 815,980 | $ 758,000 | 93% | 192 |
| 1 Million + | 8 | 0 | 0% | 0 | 0 | $ 0 | $ 0 | 0% | 139 |
| Market Totals | 1,383 | 174 | 13% | 770 | 1,031 | $ 328,457 | $ 312,377 | 95% | 165 |
If any of this infomation is foreign to you as a buyer or a seller feel free to contact me and my team can explain exactly how this information will be of a benefit to you.
