When looking to purchase your home, buyers have the choice of re-sale or new construction. Both of these options definitely come with their own set of advantages. A re-sale home typically allows for a quick move in – you go under contract, get an inspection, negotiate, and then go to close. It is very straightforward process and accounts for most of the real estate transactions here in Austin. However, in the recent months we are seeing multiple offers over asking price which is driving up the values in some cases by $30,000 or more. Imagine finding the right home for you and your family, only to be outbid by tens of thousands of dollars. We are seeing this happen more and more. Demand for housing in Austin has increased substantially the past few months, as many people from both East and West coast look to relocate to Austin. This has contributed to a very diffusing and stressful experience when looking for a home here in our beloved city.
There is another option – Buying New. Purchasing a new construction home can also be stressful, but it allows you the latitude to choose a plan, select options, customize your home, and most importantly having a warranty. While there may be price increases initially due to demand, it is less stressful than being in a bidding war for a home. Buying new also has the benefit living in a new community with more amenities. Our Southstone development in south Austin is a great example of what new community can offer potential buyers. Southstone is a gated community and has large 10-acre park in the heart of the development. Southstone will also have an amenity center, pool, and pavilion for those who seek an active lifestyle. With the Austin market continuing to be one of the highest in demand for a foreseeable future, buyers will face challenges in both re-sale homes and buying new. But when you are making the biggest investment for you or your family, the case for buying new is quite compelling.