Home Buying in Bakersfield>Question Details

Natty, Both Buyer and Seller in Las Vegas, NV

I would like to buy a new construction home in a new home tract. The purchase price of the home is only supported by recent sales of the same

Asked by Natty, Las Vegas, NV Sun Sep 16, 2012

floorplan by the builder within that same community. Because of this, I know it will appraise. However, there are quite a few houses just outside of the community, within half a mile or less, that are on the market for quite a bit less (20-25k less) albeit not the same floorplan or square footage as the new construction house I'm interested in buying. They are actually quite bigger as far as square footage goes. My concern is this: If I buy this new construction house at the current purchase price because it will appraise, and I were to sell in the future (I am planning to stay in this house for at least 5 yrs. or longer) for whatever reason, will lower comps within the area now apply to the selling/listing price of my home? or are my comps going to be just the homes within my community with the same floorplan that have sold? I appreciate all of your inputs.

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Hello Bak2Bak, your house
Will be appraise with the most comparable sales, obviously the same floor plan, same age and same square footage is the perfect comparable. The only time appraisers will go out of your inmidiate community is if there is no recent sales in your inmidiate community. I hope this helps.
0 votes Thank Flag Link Sun Sep 16, 2012
Bak2Bak,
The fact is that no one can predict the real estate market. New construction is always a higher price per sq. ft. because it is brand new!! (just like buying a new car) In new construction, you can choose interior options instead of dealing with whatever a resale house has to offer you.
As for the appraisal process, you cannot guarantee the new construction will appraise. Just because they offer other floor plans, appraisers are human and their opinions sometimes vary. New construction has a much better chance of appraising for list price but as a Realtor who works directly with a builder, it's not guaranteed!!!
There is not one person that can tell you what the market will be like in 5 years... heck, at this point we can't even predict it for the next few months!!! You have to be sure when you buy a home you buy it for a good market value price FOR TODAY'S MARKET. That's all you can do!

Good luck!!! If you are not working with a Realtor to represent you, feel free to call or email me. Even when buying new construction, it's always good to have someone on your side.

Valerie
0 votes Thank Flag Link Sun Sep 16, 2012
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