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New Construction Townhome listed at 399,000

Im a first time home buyer with a baby on the way and I really want to buy. I was interested in this new townhome community which consists of 19 units. The end units are listed at 409,000 and the interior units are listed at 399,000 what do I offer? Thanks alot

  • August 24 2010 - Fairfield
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Answers (12)

We bought our first home and moved in while I was 8 months pregnant! (I don't recommend that, by the way...tough on mommy-to-be!). As recommended by the other answers, find a good agent. A good agent will be able to guide you through the whole process. You need someone to hold your hand during this process as a first time home buyer and look out for your best interests. You need to be on the same page and be comfortable with that person. It is a big step, especially with a baby on the way, so be picky! If you do not feel comfortable with an agent, then move on to someone else.

  • September 17 2010
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Cmrini22, what do you think? Regards,
  • August 29 2010
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Even though you are looking at  a new home, you should get comparables of homes that have sold in that neighborhood that are a few yrs old. This will help you determine if the price they are asking is fair, too high, or reasonable for the market.  If you find that other newer homes have sold for much less in the past 6 months, then you might want to mention this and see if they will reduce the price. Your realtor or agent can help you with the decision. 
  • August 28 2010
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cmrini22.  Get pre-approved first.  Given the nature of the project being new construction and the upcoming birth of your child (congrats), make sure you can get a mortgage.  Your realtor can price your offer perfectly but it will do you no good if you are not qualified for a mortgage.
  • August 24 2010
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Dear Cmrini22.   Start with finding your own agent and she will guide you through the process, save you many headaches and stress, and likely will save you alot of money and wasted time.   When you make an offer in this market you want to be taken seriously - how you present our offer is just as important as the price.   Your agent will help you determine fair market value for the unit that interests you and will help you decide on a fair offer price.   Good luck.
  • August 24 2010
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Cmrini22, find a REALTOR! The seller will pay the commission. You need a good FICO, a good job and a good downpayment. Regards,
  • August 24 2010
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We still have to get pre qualified or preapproved?-as i said we are first time homebuyers this process is new to us.
  • August 24 2010
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Cmrini22, can you get a mortgage? Regards,
  • August 24 2010
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Don't deal with the builder directly he will always want the asking price, remember he has to pay all his employees and other contractors as well. I suggest getting into a buyer's rep agreement with a local realtor and let them begin the process of negeotiation. Are you sure this is the home you want Just because its NEW. Shop around a bit
  • August 24 2010
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If you are working with a Realtor, have her/him do comps for the area.

Also depending on the floor plan and the home site you can decide what works best for your family. Say if the end unit backs right into another home and the interior backs to common area or park, depending on your preference you can choose the level of privacy you enjoy.

Also in your market, see how many builders are selling and the turn over time. If they are selling fairly quickly these home than you may not have much room to negotiate. If the turn over is low ask for closing cost and leverage the negotiation for the sales price.

Also before you jump and sign on the contract ask if the incentives are tied to using their lender. If so get the contact information of the lender and speak to them and get estimate.

  • August 24 2010
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New construction for large complexes typically  does not sway from the asking price
  • August 24 2010
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Your best best is to find a local real estate agent in your area.  The price you offer should be based on several factors such as how many units are available, the days on market for each unit, and how motivated the owners are to sell.  Your agent should be able to research all the answers and help guide you to the best possible offer.
When looking for an agent, do not hesitate to call 3-4 and determine the one who you think can help you best. 
  • August 24 2010
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