What Can You Learn From the 2020 Parade of Homes?

Minnesota Real Estate Podcast With Chad and Sara Huebener

Here are a few reasons to pay attention to this fall’s Parade of Homes. We’re in the middle of the fall Parade of Homes, which runs through Sunday, October 4, and many people are asking themselves why they would even go to such a thing. Well, there are actually a number of reasons. If you’re thinking about buying a home, you might want to do some cross-comparison between the existing home market and the new home market. Those who are looking for existing homes will find that inventory is very low, so they might gravitate toward new construction for the wider range of choices, as well as the new features like smart home technology that make new homes so attractive. New homes also have special energy-efficiency ratings, which are measured and often given to the buyer in the form of a report at the time of the purchase. A lot of people just like buying new in general. They look at the existing inventory of homes with things like older roofs and furnaces and they just think it’s too risky for their investment or they simply don’t want to do the work to update it. “New construction purchase agreements are lengthy contracts that require a lot of attention to detail.” Builders also have their own lots, so if you want a specific property in a specific neighborhood, you might have to select the builder(s) working there. If you’re going to write a purchase agreement with a builder, keep in mind that there are a lot of different components that go into new construction compared to the existing market. For example, we wrote an offer recently on a new construction property, and the purchase agreement alone was 96 pages long! They’re lengthy contracts that require a lot of attention to detail. But don’t worry! We’ve worked with many builders who are featured in this fall’s Parade of Homes. We’re even working with builders who currently have active projects. By working with us, we can help you analyze the situation and find the builders who offer incentives to use their title and mortgage companies. If we can help answer any questions you have about new construction, including the process, timing, contracts, and so on, give us a call or send an email anytime. We’d love to help you.