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Guide To Buying New Homes And Condos In Greater Phoenix

New Home & Condo Buying

As a boutique real estate team based in Scottsdale, Arizona, and serving the Greater Phoenix area, we at Williams Luxury Homes take pride in helping our clients navigate buying new inventory homes. With over $1 billion in sales, we know how to protect our clients. Today's LUXE BLOG will share five essential things about buying new inventory homes.

The Perks Of Having A Realtor By Your Side

When buying a new construction home, having a Realtor during your first visit to the builder is crucial. Not only do we help with negotiations and uncover incentives, but we also keep track of timelines, ensuring everything goes smoothly. We're helping our clients register at the Fendi Private Residences, Ascent at The Phoenician, and The Collection By Camelot Homes. Another project we're looking forward to is Optima McDowell Mountain Village.

Be Prepared For Higher Earnest Money

The earnest money may be higher for new construction homes than resale homes, typically around $5,000 to $10,000. Understanding the conditions for getting the earnest money back and how we can guide you through this process is essential. Also, luxury developments such as FENDI may require up to 30% hard-contract deposits.

Consider Spec Homes For Faster Move-In

Consider a spec or inventory home if you're eager to move into your new home sooner. These homes are already under construction and will be ready faster than an utterly custom-built house. While customization options are limited, our team will help you find the perfect fit for your needs.

Third-Party Inspectors

You can also hire a third-party inspector for new construction homes/condos. These inspectors conduct a pre-drywall inspection and a final inspection, ensuring that nothing is overlooked.

Photo of a modern, new home.

There Are Several Things You Should Know Before Buying A New Home Or Condo

Expect Closing Date Uncertainty

In many cases, the exact closing date will only be known 15 to 30 days before closing, which can be stressful. Williams Luxury Homes is here to support you, help you plan accordingly, and guide you through the final walkthrough. In large-scale developments such as the Ritz-Carlton, Paradise Valley, closing dates can vary widely.

Did You Know: Dual Agency

Dual agency occurs when the same agent represents both the buyer and the seller in a real estate transaction. This situation can lead to conflicts of interest and may not provide the best outcome for the buyer. Currently, Dual Agency is illegal in the following states. And while it's legal in Arizona, does that mean it is wise for you? It depends on the situation.

As of 2023 Dual Agency Is Illegal In:

  • Alaska
  • Colorado
  • Florida
  • Kansas
  • Maryland
  • Texas
  • Vermont
  • Wyoming

Having a Realtor during your first visit to the builder ensures that we represent your interests throughout the process. Also, you can register digitally with developers through a real estate agent.

Frequently Asked Questions

  • Do I need a Realtor when buying a new construction home?

While it's not required, having a realtor can help protect your interests, negotiate on your behalf, and make the process smoother.

  • How long does it take to build a new construction home?

The timeframe varies depending on the project, but spec homes can be ready sooner than custom-built homes. In luxury developments, it's not uncommon for construction to take a couple of years.

  • Can I get my earnest money back if I decide not to buy the home?

The conditions for getting earnest money back vary, but our team will help you understand these terms and guide you through the process.

At Williams Luxury Homes

We TRULY do care about protecting your best interests. It's not fluff. It's the truth. We're good at what we do because we LOVE it. We're here to answer any questions if you want to learn more about protecting yourself when buying new inventory. See you next time, on LUXE BLOG.

Also Read: Luxury Home Selling In Scottsdale: What You Need To Know

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