New construction companies offer several incentives to assist the buyer in the purchase. This is typically in the form of seller concessions that can be used for closing costs or buy down your interest rate.
In the real estate market of late 2022, new build companies have increased what they are willing to offer in order to get their homes sold. Specifically on a spec or model home and occasionally on any homes clients dropped out of contract on and need to get it sold quickly.
I recently helped a client purchase a new build and we got $77,000 in price reduction and incentives to buy down the rate! The new build sellers were pressured by the increase of interest rates and price drops happening all over Colorado Springs. My clients got the price they wanted for the home plus the interest rate to make it an affordable monthly payment.
This is an excellent example of what happens when you get creative with the current real estate market. We are now shifting to a buyers market and there will be great opportunities for you whether its a new construction or existing property!
Final Tip: New build companies will look to close out the tax year and possibly take a loss on a property if it benefits their tax strategy. This could be a good time to strike a deal with them!
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