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Why buying New is the “new normal”

May 30, 2020

These are unprecedented times, but that doesn’t mean your plans to become a homeowner, upgrade to a larger home, or downsize to a home that makes more sense for your lifestyle have to be put on hold. In the Chattanooga market, we’ve seen a drop in inventory across the board, but here at Pratt Home Builders, business is booming. Here are a few reasons why we think new construction is the new normal.

Apprehensive Sellers

The bottom has fallen out of area inventory, and it’s understandable! Sellers are choosing to protect themselves and their families during this uncertain time as experts continue to learn more about COVID-19, but this means there are fewer resale opportunities for hopeful buyers to choose from. Many sellers don’t want to invest in remodeling and updating their homes not knowing the future. Others do not feel comfortable allowing buyers and Realtors inside their homes for the sake of their health. Job uncertainly, for some, is also contributing to putting plans on hold.

New Homes

When you buy new construction, you don’t have to worry about the history of the home. It’s new, fresh and clean! Whether you purchase a market home or choose to build, it’s sanitized and ready for you.

Customer Warranty

Little expenses can add up quickly in a resale. Sometimes these make sense when they help increase the value of the home, but other times these expenses are needed to simply maintain and prevent deterioration. The great thing about buying new construction with Pratt Home Builders is that we provide a 10 year warranty. That’s 10 years of additional expenses you get to save. Not only do you save on the materials, but you save on the labor since our warranty department will handle any repairs. It’s great peace of mind in uncertain times.

Built-in equity

When you build, you put down your deposit but you get to lock in a purchase price months before you close! This means you basically lock in a home at a lower rate than it will be by the time you close! In this dynamic market, you can most likely expect the value to continue to rise – which means in all probability, your home will be worth more when you close than you actually paid for it.

Desirable locations

So, if you’re still confident about your work, want to take advantage of lower interest rates, less competition, and essentially make money when you buy in this dynamic market, it is still a great time to consider homeownership.

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This post was written by Sydnee Cearlock

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