Once you make an offer on a home and it is accepted, generally you go back for the home inspection and that is it until for final walk through when you get your keys. With technology now, I recommend taking pictures not only to show friends and family but to ensure everything is left as when it was seen. Sometimes, sellers will state at time of purchase certain fixtures or appliances are not included but normally everything fixed in place and standard appliances are included in the sale of the home. Occasionally sellers will remove appliances or fixtures in hopes the buyer doesn't notice or for a number or other reasons. A few snapshots can save a lot of stress and anger during the home buying process.
Should I buy a new home? Simple question but complicated answer. Here in Las Vegas there are as many new homes available as there are older homes. With purchasing a brand new home from the builder, there are often "incentives" such as kitchen appliances, upgraded flooring and enticements of lower interest rates for your mortgage. Typically, to receive these perks you must use the builders preferred lender which in many cases is the mortgage company that is owned by the builder. The real advantage of a brand new home is getting the features and color selections that you choose. Additionally most new homes also include a warranty, typically 1-10 years depending on for everything from the flooring to the roof.
If you need to get out of your current residence and buying a new home it can often times require 2 moves because many times it will take 3-4 months to build a brand new house. The exception is when the builder has what is referred to as "standing inventory" which is when they have a finished or nearly finished home that is ready to move into within 30 days. Often times, especially in the current market, builders will give additional discounts or incentives to get these homes off their books. Usually these homes are ones that were built for a buyer and for whatever reason the buyer cancelled after the home had been started.
Although it is not required, I strongly recommend that when buying a new home you have real estate agent represent you. Remember, the agent sitting in the office of the home site community ultimately works for the builder and is looking to make a sale. Having a real estate agent does not cost the buyer anything and is there to guide you through the process and protect your interest.
One of the first things I learned, years ago, in real estate school is that the real estate market is like a pendulum and that it is always moving. This is something I think about often. Every city and even individual neighborhoods have there own pendulum that is in a different position and may be moving in different directions than a neighboring pendulum.
With the real estate pendulum, we don't always know where it is headed until it happens.
Here in Las Vegas we have seen quite a pendulum swing over the past 10 years. In June 2003 the market or pendulum really began to pick up speed with home prices increasing as much as $10,000 or more per week by the end of 2003 to early 2004. Homes were sold before being within hours of going on the market and in may cases the buyers never even saw what they were purchasing. By June 2004 the pendulum slowed its upward swing just a bit but continued the upward movement for another year and a half. The market was slow but steady in early 2005 but by May 2006 the pendulum was getting ready to swing back as quick as it went up. The remainder of 2006 the pendulum was going slowly in the other direction but buyers were swooping in and excited to get what they though was a deal. As the pendulum kept swinging the buyers were losing excitement and the market nearly stopped in spring 2007. People realized if they wanted to sell a property they must drop the price. Prices have fallen ever since.
Where is the pendulum today, who knows? Some in the real estate industry think prices will drop a little more. My personal interactions I have had over the past couple months lead me to believe the pendulum may be stopping and ready for a change in direction, although it will most like not have the speed and momentum we have seen in the past.
