Buying a new build home can come with its own unique set of challenges and stresses. Going through the process alone, can mean unbridled decision making that may hinder an optimal end result. Mark Sloat, CFP® of The Sloat Group of Realty ONE discusses the benefits of having a seasoned realtor on your team when purchasing a new build home in Gilbert.
“Buying a new construction home has many advantages. New builds generally offer the latest smart-home technology, require less maintenance, typically include a 1-year home warranty provided by the builder, and most importantly offer buyers the freedom of choice when it comes to upgrades and options.” said Mark Sloat. Choosing to call Gilbert home has many advantages including outdoor activities, low crime rates, great education options, and reasonable home pricing which contributes to the demand for homes in the town.
Mayor Jenn Daniels, along with other community leaders, are applying forward thinking development practices and considering the voice of current residents to truly build a great town. Steps like securing a substantial water lease recently with the San Carlos Apache Tribe are gaining the attention of top employers around the state, most notably Northrup Grumman and Deloitte, who now call Gilbert home. Mixed use commercial developments in the works, like Epicenter at Agritopia and Rivulon, further demonstrates the towns commitment to make Gilbert a great place to live, work, and play. Gilbert also offers some of the best educational programs in the state. “As parents, we, like many others, look for the best schools and Gilbert has some of the best in the Valley,” Sloat said. It’s no wonder large builders such as Toll Brothers, Shea Homes, David Weekly, Camelot homes, and others have invested in large tracts of land to build some amazing new communities with thoughtful amenities.
“As of February 2nd, 2020, the multiple listing service (MLS) shows only 288 active listings in Gilbert, significantly lower than normal. During The Great Recession, home builders virtually stopped construction between 2008-2012, while our population has consistently ranked in the top five metro areas for growth nationwide. This, along with attractive mortgage rates and economic confidence, has created the housing shortage we know today.” Said Sloat.
With existing home inventory low in Gilbert, new construction homes are appealing for buyers patient enough to wait 6 to 8 month, sometimes longer, for a new home. It is essential to buy a property with confidence; one that suits your budget and will offer features that fit your lifestyle now and into the future. Meeting with a realtor first can also save you lots of leg work on the front end of your search as they will be best informed to which new communities will have amenities, lot sizes, and pricing options to match your desired dream home. Many times, realtors may also know of properties that are quick move-in properties in your desired neighborhood.
While purchasing a new build offers key benefits and a variety of options, there are many advantages to hiring a realtor to be a trusted partner throughout the process.
“The biggest advantage is having an advocate in your corner.” Having a professional representation from a real estate agent usually costs nothing for buyers but can be one of the most invaluable choices you make when purchasing a new build home saving you both time and money. Top producing real estate agents routinely sell 50 to 100+ homes per year and are familiar with the process. The sales agents in model homes represent the builder’s interests, not the buyers. Having Realtor representation offers you as the buyer confidence that all of your needs are also being considered during the build process. To ensure you have representation when buying a new home, you need to make sure your Realtor is present the first time you visit the new community.
At The Sloat Group, we walk our clients through the design appointments as well, to help choose the upgrades that add true value to the home. We help clients save money by knowing when to have the builder install upgrades versus having professional contractors complete the work after closing. Major appliances, cabinet hardware, backsplashes, and flooring are just a few areas buyers can commonly save,” Mark Sloat said.
Education is another important reason to hire a realtor when considering a new build. The Sloat Group is a full service boutique real estate firm based in Gilbert and helping clients buyer and sell real estate throughout the valley. After a successful 13-year career as Wealth manager at Vanguard, Mark Sloat, CFP® left his corporate job to build a real estate team, armed with the essential tools to help homebuyers in all facets of their experience.
“I continue to help clients with their biggest investment, but now they can touch and feel it. As trained fiduciaries, we always look to protect our client’s best interest, whether it’s negotiating the best deal or helping earn the most when selling their home. We are technical experts in knowing the process and the market.”
The Sloat Group understands that other factors can be at play when purchasing a new build home, such as the need to sell an existing property. This often exhausting and stressful process can be simplified with the help of a well-informed realtor.
“Most of our clients prefer to move once. To accomplish this, sellers can list their home a few months before closing on their new home and either negotiate a lease back from their new buyers, or an extended escrow period to accomplish a “simultaneous” closing. A third option would be to secure rental property and then list your existing home for sale. Each client situation is different, and we love providing creative solutions.
Gilbert is an ideal place to call home.” The Sloat Group looks forward to serving the community with their passion for real estate and focus on their client’s future in the thriving Town of Gilbert, and making new friends as they work together to make their new build experience one they will look back on fondly.
SIX TIPS WHEN BUYING A NEW BUILD HOME:
o Get an inspection: Three recommended (Pre-slab, pre-dry wall, and final walk through).
o Negotiate incentives: Builders often offer different incentives to new buyers.
o Upgrade wisely: Know what upgrades add value (i.e. side access door in garage, plumb gas line to rear of home, adding an extra water spigot).
o Take interior photos before drywall is installed for future remodeling projects.
o Keep your finances consistent (i.e. purchasing a new car could change your loan eligibility).
o Get a full home inspection before your 1-year home warranty from the builder expires. Provide this report to the builder for corrections.