Tucson New Construction The Important Question
July 19, 2007
Post Tags: Tucson-buyer-incentives , Tucson-Home-Buyers , Tucson-New-Construction
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Tucson New Home builders are offering some great incentives.
With the slowdown in New Home Sales in the Tucson real estate market we are seeing some very good incentives to buyers of new construction homes all around the Tucson area.
I won’t go into all the various builders and their incentives they are changing all the time. But I can assure you there are a lot of them going on and you can save thousands on some homes, including many upgrades being thrown in for good measure.
Tucson New Construction When is Build Out?
All of these incentives can be very enticing to buy, that’s why they are called incentives. But if you aren’t going to be staying there until the community is built out it could cost you a lot of money. I know many people ask, “When will my new home be completed?” A more important question is, “When do you expect ‘build out’ to occur?”
The New Home Construction Scenario
You are moving to Tucson and you see these great deals being offered on a new home. You select one you want and can’t believe all the upgrades including a pool all at a price you thought would be for a much older or smaller home. You buy it, move in and all is well.
The unexpected happens, you get transferred to another state. You have to put your new home on the market. When you your home it was only 6 months old it was like new, but better, because it already had some of the bugs worked out. What’s not to like, it looks great, it has wonderful views, it is priced according to the comps for the area; with one big exception. The Builder is still building homes and offering great incentives, even more than when you bought 6 months ago. The builders is selling a brand new home with more upgrades for less then what you paid for your home. Once the community is built out they will close the sales office and sell the models. But if they have another phase to construction starting it all starts over again. This is why it is important to know when the builder is going to be done in the community. If for some reason you have to move and sell your home you are competing with other homes for resale and not new construction.
Right now Tucson is a Buyer’s Market, and Builders and Developers are looking for buyers as much or more than home owners or investors selling homes in Tucson. They are the builders and can offer great incentives as they their quarterly books or close out the community and their site sales office.
Meaning, if you are competing with the builder to sell your home, you either have to price it at or below what you paid for it. OUCH! that hurts, or you hold onto it until the builder finishes selling all their new homes which are now price below what you paid for your home.
Neither are good options. If you know there is no reason or chance that you will be moving before the community is built out, then this could be a great opportunity for you to get a g new home at a price way below what you would have paid for the same home just a few months ago.
But, if there is any chance you might have to move before the community is built out, then you should seriously take this into consideration.
As a potential buyer of new construction, one of my first questions would be. “When do you expect to be built out?” My second question would be “Am I sure I won’t need or want to sell this home before build out happens?”
If you can answer the second question in the affirmative; it is possible a new home with incentives is just what you are looking for in a Tucson Home.
