In keeping with the theme of the new year, let’s discuss why new construction may be the best option for you to buy a home in Collierville.
Inventory of existing homes is very low.
While the new home inventory is low as well, according to the Town’s website there are currently 378 residential lots available with more new subdivisions coming on line. If you can find a neighborhood where homes are being built that fits your needs, you might be able to secure a new home easier than finding an existing one.
Timing is everything in this market.
Selling your current home will more than likely be easy but where do you go? New construction affords you the opportunity to know where you are going well before you have to sell your home, allowing for a less stressful move. You might be able to avoid a double move as well.
You can get what you want.
Probably the best reason to look at buying a new construction home is that it offers you the chance to get it right from the beginning instead of looking to take on a remodeling project.
Costs have risen quickly over the last year in the construction industry. With the increased petroleum prices you can look for that trend to continue. In a market where the costs are rising, the sooner you get in the game the better. If you are looking to be in a new home this year, now is the time to start the process as build times are 8-12 months on a new home.
While buying a new home offers many advantages, you do need to be prepared for delays due to the supply chain issues. Also, some selections may be limited due to limited supplies. However, if you time things right, you can end up getting the most for your existing home by waiting to put your home on the market closer to completion date, as well as setting the price on your new home early.
If buying a new construction home sounds like a good idea, I recommend consulting a local Realtor® familiar with the market for advice.
Allen Green, Realtor
John Green & Company Realtors®