In our market, inventory is extremely limited. Prices are continuing to increase in most communities, and many experts are predicting the continued rise in housing overall.
Once a property is on the public market, it likely has a few offers and will sell over its asking price. Even for Real Estate Agents, it is extremely difficult to find off-market properties.
To make things more trivial, many Sellers understand that going onto the public market will result in a higher net at closing, which makes it even more challenging to convince someone to sell privately. With all that said, there is an easier way for one to score an off-market property; buy new construction.
When we think of buying a new home, we often think that we need to have a large down payment and will have to pay significantly more than we would for an older residence. Although building yourself may require more down (20-30% most commonly), working with a local builder does not require using a new construction type loan.
You can identify your lot, and floor plan, and often pick out customizations and finishes all without having to fork over 30% as a down payment. When working with a builder, many will allow you to be a part of the process, customize the home, and then use a traditional loan program such as USDA or FHA to purchase the home once complete.
The key is to find one of those homes before they begin to build. Many local builders have lots that they intend to build on in the near future, therefore it is important to work with a real estate agent who understands this process and has these connections.
Thankfully, at Willcuts Company REALTORS® we have an abundance of non-public construction projects in the queue and are always happy to have conversations regarding our upcoming inventory. If you have been interested in purchasing new, please contact me. We have multi-million dollar homes on acreage to great starter homes in Yamhill County.
Information is a call away!
