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Brand new or existing? Which type of home do you think Edmond home buyers prefer? This year, I've noticed that a large percentage of my clients are opting for the new construction. To be more specific, 54% of the sales I have represented buyers in, have been new home sales.
I ran the numbers and found that 49% of the homes sold in Edmond (within Edmond Public School boundaries January 1, 2011 through today) were built in 2001 or later. So, no more than ten years old. Of those, 22% were brand spanking new construction. I took a look back over the past three years to see if this is a new trend. It's not. In fact 22% new was fairly consistent; in 2010 during the same time period 21% were new home sales and in 2009 24% were new home sales. It seems that we like the New House Smell in Edmond, Oklahoma!
What does it all mean? My interpretation is that one out of every four home buyers in Edmond is opting for new construction. Two of every four are buying homes that are no more than ten years old. Edmond has been around a lot longer than ten years. There are plenty of fantastic homes in Edmond that were built pre-2001 (that makes me feel so old!)
If you have a house to sell that was built before 2001, condition and updates will be key to getting it sold. And it's not just the cosmetic stuff like floors, cabinets, and counter tops guys. I've heard buyers express concern over heat and air systems, an original roof, and outdated appliances. To stand out and compete with the new, your house must have energy efficient systems, updated colors and flooring, and of course be as bright, open and sparkling clean as possible. You have to know your competition!
Originally Posted by Edmond REALTOR Kristyn Grewell, CENTURY 21 Goodyear Green at SellaMetroHome the BLOG!
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Don't you just love new house smell? New carpet, fresh paint, mmm. Everything is so shiny and new. It sure smells good! For many buyers that's the way to go when buying a home. So far this year, I've had the opportunity to help several clients purchase new construction. I have sold homes in Stone Creek Canyon, La Sonata, and Rolling Meadows. I have two more that are currently pending in Covell Village.
The process of buying a newly built home is a bit different than buying an existing (new to you) home and there are a few things you should keep in mind along the way. For today, I'm not talking about a custom from the dirt up home. I'm referring to what builders call a "spec" home. It's called a spec because it is being built on speculation that it will sell. There is not a specific buyer for the house. Spec homes can be purchased anywhere along the building process. Depending on how far along the build is, you may even have the opportunity to make some color and finish selections. But we'll get to that in a minute.
There are a few different ways you might find a home being built. If it's listed on the MLS, your Realtor may have included it in a list of homes sent to you for consideration. Or, you might just happen into the new neighborhood after following a few directional signs and balloons. Either way, it's in your best interest to be represented by a Realtor. Sometimes people think that they will "get a better deal" on a house if they work directly with the builder. That's just not the case. Most builders have established relationships in the real estate community and are more than happy to partner with your Realtor of choice.
After you have found "the one" it will be time to make an offer. I know, everyone wants a great deal and the list price is never really low enough. But keep in mind that while some builders may offer a few concessions (closing cost assistance for example) they typically do not negotiate much on the purchase price. Let me explain why. If the builder has plans to continue building in the neighborhood, they just don't want to set a precedent for reducing. If they reduce the price for you, they will have a hard time not taking a reduction for the next guy and then the next. Ultimately, doing so would hurt your home value and the value of their inventory. So, instead of taking a reduction in price, they may offer a few incentives. A few other things to consider when making an offer on new construction;
Once you have entered into a contract, the time until closing pretty much depends on how far along the construction process is. It could be anywhere from thirty days to three months.
If the home is not yet complete, you might have the opportunity to select the color and finish on things like flooring, cabinets, appliances, lighting and counter tops. If you are able to make a few choices it can be fun. But be careful. For example, if you are choosing lighting. The builder will send you to his preferred lighting store. The salesperson will show you the selection based on a standard lighting package. If you want to upgrade from the standard package, you will owe the difference in price. That amount typically must be paid when the fixtures are ordered.
Buying a new home is a fun and exciting process. You have the unique opportunity to watch your future home take shape. But there are plenty of details along the way. That's why whether your Realtor takes you to see this house or if you wander into an open house on a Saturday afternoon, it's in your best interest to be represented by a Realtor in the purchase. Ah, I just love new house smell! Don't you?
Originally Posted by Edmond REALTOR Kristyn Grewell, CENTURY 21 Goodyear Green at SellaMetroHome the BLOG!
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Are you sure people are still living in this house? What a great question to be asked by a client while showing homes. So far this week I've shown about 25 homes in and around Edmond that were listed between $200,000 and $325,000. I'm pleased to report that each and every home was show ready! All the homes were clean, organized and clutter free. On more than one occasion I was asked if the home was actually occupied.
Sellers have learned that in our current market, property condition is a huge factor. And it's the one thing you can control. Aside from the tidiness, a couple things my clients and I have noticed this week while touring Edmond were air conditioning (on a hot day like today, when we would walk into a home with the air set a bit lower, I would hear "it sure is nice and cool in here") and fragrance. Let's just say Scentsy is a wonderful thing.
Thanks for all your hard work. I know it's not easy to keep a house show ready while working and taking care of family. But people are noticing!
Originally Posted by Edmond REALTOR Kristyn Grewell, CENTURY 21 Goodyear Green at SellaMetroHome the BLOG!
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Kristyn Grewell Edmond, OK Homes Oklahoma Relocation Services
Real Estate Agent
Edmond, OK
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Ryan Hukill - Edmond Realtor®
Real Estate Agent
Edmond, OK
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