The Deal of the Year Be on the Lookout for End-of-Year Builder Incentives
The end of the year is right around the corner, and while you may not realize it, this could be the perfect time to find the home of your dreams. For starters, metro Atlanta is enjoying a buzzing residential housing market, with new home construction on the rise. In fact, according to Metrostudy, which gathers data on the housing and residential construction industry, single-family new home construction in the metro area was up in the second quarter of 2018, increasing to 8.3 percent, or 7,081 units. Additionally, closings on new home construction was up to 13 percent, or 6,634 new homes sold in 2Q18 versus 5,864 in 2Q17. And builders are continuing to seek out new location opportunities, reaching into such counties as DeKalb, South Fulton, Paulding and Hall, which have a higher number of available lots and a strong demand for new homes.
Of course, the growing demand for new homes doesn’t mean that you can’t find a good deal. Actually, many builders look to November and December as the ideal time to entice buyers with incentives, helping these companies finish out the year on a good note. As both Money-Zine.com and Realtor.com reveal, common builder incentives you can expect to see include, but are not limited to, the following possibilities.
- The builder may offer to pay a share or all of the closing costs on the purchase of a new home.
- Free upgrades might be included in a new home, from high-end finishes and stainless steel appliances to optional features like finished basements or sunroom additions.
- The builder could offer to pay several months’ worth of mortgage payments on behalf of the buyer.
- The builder may cover homeowner association costs for a certain number of months after the purchase of the home.
- Some builders may prepay a homeowners insurance policy for up to one year.
- A home warranty program may be offered as part of the purchase of a new home.
Typically, the incentives offered are based on the amount of inventory a builder has available and the state of the market at the time of the purchase. Also, buyers often must meet certain qualifications to receive builder incentives, including using the builder’s preferred lender or in-house financing. Therefore, it’s key to understand all of the stipulations associated with the incentives being offered by your builder.
If you currently are house hunting and have your heart set on new construction, be sure to contact some of Atlanta’s most prominent homebuilders and local communities and ask about end-of-year incentives that may help you finish out 2018 in a brand new residence.