Journal Detail

Don't Fight To Buy The Home You Want

April 8, 2021

If you’ve been shopping around for a new home—whether a resale or brand new—you’ve probably discovered that the market has become extremely competitive. Bidding wars are a common situation, with homes selling at or above asking price. Homes are selling so fast that inventory of available homes has dropped. You shouldn’t have to fight to buy the home you want.

As people shifted to their New Normal during the pandemic, we experienced a trend that no one predicted. People clamored to buy a new home. All that time spent sheltering at home raised awareness of the things in the house that just didn’t feel right anymore. The kitchen became overcrowded with more people at home, which means more meals and more groceries (and all that toilet paper!). Little flaws became major annoyances. Using the outdated bathroom day in and day out was a constant reminder that the home needed work.

With the historically low interest rates available right now, there’s even more motivation to make a move. Rates as low as 3% for a 30-year fixed rate mortgage represent another homebuying situation that no one expected! 

Average is not average anymore

The surge in homebuying has depleted the inventory. Normally in the Denver area, we’d have 14,000 to 16,000 home listings on the market. Instead, there are about 2,500 homes total. That includes single-family attached and detached, which means the actual number of homes you’d be interested in is even smaller. 

In 2019, a home in the Denver area was on the market for about two weeks. In 2020, that opportunity shrank to five days. In 2021, that number could become even smaller. This hectic market of zealous buyers means sellers are getting an average of 10 to 20 offers for their home. At the current velocity of home sales, the current inventory will be depleted in less than a month.

Frustrated homebuyers are experiencing the reality that there’s no second place in real estate. So why get in a bidding war over the home you want?

Build the home you’ll LOVE! 

Choosing new construction gives homebuyers the opportunity to choose the floor plan and features. They decide on every detail. In other words, you get exactly what you want, not just what you can get. Your home is completely move-in ready. You don’t have to change a thing. The walls are painted the color you chose. The cabinets, countertops, floors, and lighting and plumbing fixtures are the ones you selected. So, forget the DIY projects that come with buying a resale and make yourself at home.

Compare this scenario to shopping resale homes online, which buyers are doing out of desperation in both the time crunch of making an offer and the concern for health risks when touring someone’s home. You’re making a big decision based on photos you see on the internet. We know how reliable THAT is! You can’t accurately gauge the proportions of a room, the curb appeal, how the natural light impacts the interior, and the feel of “the bones” of the place. 

Benefits of buying a new home

With all the pressure that comes with buying a resale home in today’s market, consider the many advantages of building a home. 

  • Choose the location, style, and features you want.
  • Avoid a bidding war. You’re not competing.
  • Lock in the low rate now to take advantage of it when your home is completed.
  • Eliminate the cost and time in doing cosmetic repairs to a resale.
  • Everything in your home is covered by warranty so there’s no need to worry about repair or replacement.
  • Take your time!

At Terrace TownHomes, we welcome homebuyers to come in for a personal, private tour (respecting all COVID precautions) of our spacious patio townhomes. Our communities are located in highly desirable locations, with close proximity to the amenities you need and want. And you really need to come and see the views from these homes.

Tour our model, examine the details, browse the floor plans, and look at the many design options available to you. Wander around the community to get the feel of it. We’re proud of our neighborhoods and the friendliness they foster—many with features like a community garden, walking paths, outdoor pavilion, grilling area, pet-friendly spaces, and recreation like corn hole and horseshoe courts.

You can live large and beautifully in a Terrace TownHome. We have a long list of included features that many builders consider an upgrade—yet our prices are very affordable, sometimes even lower! Add “easy living” to that list of benefits with a townhome’s low maintenance lifestyle. Exterior landscaping, roof replacement, exterior paint, and trash and snow removal are all covered by your HOA. 

You don’t have to wage war on bidders for the home you want. Contact us at Terrace TownHomes and find the peace you deserve.

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