Builder: We’ll close on 28 June.
Buyer: Really?
Builder: Well, probably. We’ll be close. As close as we can. Don’t worry. You’ll still buy the house, though. And if closing is delayed because of your actions, you will be heavily penalized.
The above fictional conversation is a close representation of the recent sellers’ market and new construction. As she is very prone to do, Ardell has written an excellent post at RCG about the potential perils of new construction.
Last year, of the new construction sales wherein I represented buyers, only one was on time. One house was nearly three months late.
All I will add is this – as the market shifts, builders are going to have to reach out to buyers more and make more accommodations than they have in the past. Builders are already making massive concessions. National builders are cutting forecasts. The next 12 to 18 months are going to be interesting.
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