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September 27, 2019 | by QualicoCommunities
For the bulk of 2019, Calgary’s real estate market has favoured homebuyers. There has been an oversupply of both new and resale homes, accompanied by a decrease in sales activity. This imbalance is driving sale prices down giving buyers more favourable terms and their pick of the lot. With news like this, you’re probably wondering whether or not to start a new build or just take your pick from the resale market. Well, lucky for you, this can be an easy decision. A buyer’s market doesn’t just favour people looking at resale homes, it also favours buyers looking to embark on a new build. From deals and promotions to more creative control, here are five benefits of building a new home in a buyer’s market.
A buyer’s market doesn’t just mean low prices on resale homes, it also means decreased prices for new homes as well. With the understanding that buyers have more options to consider, developers will often offer irresistible deals that make starting a new build more appealing. For example, right now in Evanston, you can save up to $10,000 when you buy a new duplex home with your favourite builder. Deals like these make the buying decision easier and make owning your dream home more attainable.
Funding the purchase of a new home is probably every buyer’s biggest concern. Luckily, a buyer’s market creates favourable conditions when it comes to your finances. Firstly, when you take advantage of developer incentives, you’ll get an affordable home and an affordable mortgage. When a home is reduced to $300,000 from $330,000 you also save on your monthly mortgage payments. When you choose to build in a buyer’s market, you may also have access to loans with reduced interest rates. Banks and other financial institutions do this to encourage people to borrow money and improve the overall economy.
When on the hunt for a new home, buyers usually have a list of wants and needs and due to the options available in a buyer’s market, you’re more likely to find a house that meets those needs. Since there is more supply than demand for new homes, you’ll have your pick of the litter. You’ll be able to select your ideal location, lot and homestyle. With an increased variety in a buyer’s market, you’ll be able to build a spacious front garage home on a corner lot in Evanston or anything else your heart desires.
Just like developers, builders offer more incentives and promotions when it’s a buyer’s market. When you build a new home, they’ll likely throw in everything from free landscaping and home upgrades to a free garage. So, you’ll be able to spend less and receive more – making your new build a worthwhile investment. Just be sure to ask your builder about their current promotions that you can take advantage of.
Time is a luxury that homebuyers in a seller’s market may not get to enjoy. The lower demand in a buyer’s market means you get more time to make the right choices for your home and your family. You won’t be in a hurry to pick a lot, a home-style, colours, and other home upgrades for fear that they won’t be available if you take too long.
While building a home in a buyer’s market may not be your first instinct, it’s definitely an option you should consider. With developer incentives, cheaper financing, and tons of options, we can’t think of a better time to embark on a new build.
StreetSide Developments has been building homes for over 28 years. We have the honour of constructing the place in the world where our owners feel most like themselves. It’s why we build one way, and one way only — to the highest level of quality, because we aren’t just building homes, we’re building your home.