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 (archived: 2007). The next 12 to 18 months are going to be interesting.
Interested in Learning More?
I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
Dig Deeper
Sewer Scopes are Good (in Charlottesville)
Orangeburg, Terra Cotta, PVC .. what kind of sewer line does your house have? What kind of sewer line does the house you're considering have? I wrote last month about sewer scopes I advise my buyers to have the sewer lines scoped. It’s usually about…
When Should Buyers Pull their Credit (when buying a home)?
I asked Matt Hodges with Gray Fox Mortgage a couple simple questions a lot of my buyer clients have, and thought you'd find the answers useful. When should buyers let their lender pull their credit? Regardless of when a buyer wants to purchase, if they…
3 First Steps in My Ideal Day to start the Buyer Journey in Charlottesville
The first time meeting in Charlottesville with new to me buyer clients, I like to try to accomplish a lot. The pandemic changed things. How I work with buyer clients is one of the bigger things that has changed. What used to be anywhere from…
Artificial Housing Inventory in Charlottesville
I'm guilty of this, too. For houses that come on the market in Charlottesville and the Charlottesville area, what I'm seeing is this Home is listed as a Coming Soon on Monday/Tuesday so that we Realtors can tee up our buyers. House is activated on…