It's a good and important question because Realtors are turning to new homes because new construction has become such a serious competitor to resale homes, especially those in need of renovation.
According to the 2016 Buyer and Seller Profile, NAR reports that 40% of those who purchased new homes last year, did so as alternative to new homes with unknown renovation and other costs.
So, one of the first things Realtors need to learn is how to become sensitive to the renovation shopper who is having trouble making a buying decision.
And by now many Realtors are familiar with the BHI study of 974 home shoppers who planned to buy a new home within 12 months.Results of the study showed that 46% would purchase resales, 19% would purchase new homes, and 35% would be 'indifferent'. They would consider a new home or a resale. One out of three resale shoppers will consider a new home. Amazing.
Signing a contract to purchase a new home to be constructed can be stressful time for the buyer and Realtor. But that stress can be greatly relieved if the home shopper does one important thing - have their attorney review the purchase agreement.