Buy New and Avoid Bidding Wars
Buy New and Avoid Bidding Wars
March 17, 2021
Over the past year, record-low mortgage rates sent home buyers out to a red hot market looking to move quickly and take advantage of the savings. This led to low inventory and homes selling for thousands over the listing price. While bidding wars have become a common practice in the home buying process, they do not have to be. Buying new from an experienced home builder like Logan Homes helps you skip the stress of these high-stakes bidding wars and ensures you end up with the exact home you want within your original budget.
Why are bidding wars so common?
According to a survey by Redfin, 56 percent of buyers faced bidding wars on their offers in January and more than half of homes are going under contract in less than two weeks. Then, on the other side of the equation, the number of newly listed homes is down as well dropping 47 percent according to realtor.com. Together, these factors pushed listing prices up and put pressure on buyers to sweeten the deal with generous offers.
How do you avoid engaging in a bidding war?
Common advice says to be quick and commanding, but another option is to turn your search to new construction. There are two main paths in new construction: move-in ready or building within a community. Logan Homes offers both in North Carolina, South Carolina or Georgia.
Buying a move-in ready home is most similar to the existing home process allowing you to tour a completed property -- or one close to it -- before making your decision. Buyers simply search for move-in ready homes in the market are of their choosing and find a home that fits their needs. The big difference from buying an existing home is that everything is new from the paint on the walls to the finish on the floors.
Building a new home is a lengthier venture, but Logan Homes keeps it simple with the Easy as 123 process that starts with choosing a location. Buyers can even build on their own lot in one of our premier communities with this option. Next, buyers work with the experienced Logan Homes team to personalize their home by finding the perfect floor plan and hand-picking selections in the Design Studio. Then, buyers relax and watch their dreams come together with weekly progress reports along the way.
Why should I buy a new home?
Aside from the benefits of avoiding bidding wars, Logan Homes buyers will enjoy the latest in energy efficiency with a HERS (Home Energy Rating System) rating between 65 and 75. The average new home scores a 100 and the average existing home is 130. Each percentage point equals a one percent increase in energy consumption. Logan Homes achieves this through a number of factors including engineered floor systems, Energy Star rated appliances, and HVAC systems designed to match each plan.
Logan Homes also includes a comprehensive, expressed warranty for new homes that helps to protect your new investment.
If you are ready to buy or build your new home, contact us online or call or text us at 910-507-2115 to speak with our Online Concierge team.