As far as realtors in Lancaster PA go, this is, without a doubt, one of the most competitive real estate markets we’ve ever seen here in Pennsylvania. The steep lack of inventory due to the COVID shut down + a surplus of buyers from record-low interest rates is creating a supply/demand imbalance that’s resulting in homes flying off the shelves!
Bidding wars are common. Buyers are dropping all contingencies just to have a chance. And home values are rising.
In the hyper-competitive resale market, there IS an option to buy a home that has way less competition and comes with a variety of pros & cons: new construction!
New construction is a fantastic option for certain types of buyers. If you’re flexible with time and can wait a few months for a new build, then you’re already mostly there, and many realtors in Lancaster PA are turning to new construction to help their clients!
The advantages are plentiful with new construction.
First – everything is….well, new! You don’t have to worry about replacing a roof, water heater, or HVAC system for a long time.
Second – you can customize the home to fit your needs exactly. From floor plan to paint colors to carpeting, to the color of the outlets, you can choose everything you’d want before it’s built.
Another big advantage is being able to choose where your home is built within a neighborhood. Picking a lot means you can choose your view – the view you’ll look at every single day!
While those are just a few of the great advantages of new construction, there are some disadvantages too:
The timeline – it can take anywhere from 90 days up to 6 months for a new construction build to complete from the day of signing papers. That’s a long time if you’re in a time crunch.
You’re paying a premium for upgrades. Upgrades in new construction homes are one of the ways that builders can increase their profits (I mean, they’ve got to make money right??). Structural changes to the home can be worthwhile from an ROI standpoint, but things like upgraded carpeting/padding, trim work, appliances, sodded yard, etc can be charged at a premium, and you’ll pay way more for it than you’ll get out of it! My suggestion? Take the standard of those kinds of things from the builder, then pay for it yourself after the home settles – you can save a TON of money!
Finally – in a new construction community, you’re very likely to be living in the neighborhood while other homes are being built. That means construction noises, trucks, and lots and lots of dirt. Eventually it all calms down, but some neighborhoods take years to complete, so you could be dealing with that for a while.
Most builders DO allow you to be represented by an agent (and I encourage it!) without it costing you anything extra, so don’t make the mistake of not having someone to walk you through paperwork, negotiate options, and attend walkthroughs with you!
It’s important to weigh the pros and cons of each option. There are more plusses and minuses for new construction, and I’d be happy to have a more in-depth conversation with you if you’d like to explore it!
Let’s get connected to have a no pressure conversation about it. You’ll want your choice for realtors in Lancaster PA to be well versed in new construction – that’s where I come in!
I'll be in touch with your shortly. if you need to get ahold of Matt earlier please call him directly at 717-585-4522