Dan has made some very valid points. I have had friends build their home and much of what Dan mentioned had happened to them. It is a daunting project. There are definitely some excellent builders around, I have sold many of their houses, and know how that part of my profession works, as it is different than a resale. Regarding your comment about not waiting until summer, I couldn't agree with you more. I feel that the prices will be higher and the interest rates, although there is talk of an increase, I've not heard that it will be a major one, either way it would make a difference in your monthly payment. This is a discussion to have with a good lender. All this being said, Eddie, if you would like a more in depth discussion regarding builders/new construction vs resales, specific neighborhoods, the market in general, you can reach me at 425.241.2588 or firstname.lastname@example.org Warm regards
Regarding lot developing and building. Especially as a first time buyer, I would discourage this. If you like new construction, you won't be able to build what you like for what a builder in an established plat can do. The learning curve would be steep and the time from start to finish would be 2 to 3 years once you identified your lot.
Cost overruns, surprises during construction, changing costs of materials due to unforeseen events, interest rate fluctuations between start and completion could turn a dream into something else.
I don't blame you for asking, it's a popular idea but it doesn't pencil in 98% of the cases.
Shoot me an email or you can call me. Those areas you listed are all good. The inventory of homes is low right now so once you know exactly what you want, it's important to catch these new listings the day they come on the market. I would need to know things like your price range, size of home, square footage, bedrooms, baths, lot size, small or bigger yard...and the most important is have you been pre-approved with a local lender? If not, I have a great person that has been in the industry a long time and knows all the products out there that he can customize to fit your particular needs.
Get a hold of me today and I can go over these items with you. Have a blessed day!
There are several communities that are worth considering. Again it is hard to point you to the right property without knowing more specific details and your preference in home styles, i.e. town-homes vs. single family homes.
As for holding value, single family home is a better choice.
International Properties Specialist
Living and working in Bellevue I am a specialist in the area. Last year the area saw major appreciation and the trends for this year are continuing. West Bellevue will always be the most desirable area and will hold its value but it is a more expensive area. Lake hills is the most affordable and like Chad mentioned is really a up and coming neighborhood. However, all the areas in Bellevue are doing very well and should maintain their value in the future. It would really be best to find out what your goals are, reasons for moving and how long you expect to be in the home for. Your price point, housing needs etc also would be important to really help you and your family make the right choice. I would suggest sitting down with a Realtor and making sure your goals are being met. My team and I would love to sit down with you to show you the trends and help you make the best decision. Please give me a call at 425-765-8385 or email me at email@example.com
Homes on the Eastside have been increasing in value by at least 13% and more. Inventory has really been limited. It is still a Sellers market, with Buyers competing for multiple offers depending on what you are looking for. They are forecasting Home values increasing this Year as well.
Most Homes closest to downtown Bellevue really keep their value. West Bellevue and NorthWest Bellevue are popular locations and would most likely be more desirable than Lake Hills. Many Buyers do purchase based on the Schools that they would like their children to attend as well.
The key will be to have a Broker, that can really help you complete a transaction, in a multiple offer situation. Right now some Eastside areas have less than one month of inventory available.
Definitely let me know if you have any other questions! Exciting that you are getting ready to purchase in a very desirable area! Congrats!
John L Scott
Out of those three you're going to see a greater value in the Lake Hills neighborhood, and it is more up-and-coming in the sense of home remodeling, new neighborhood retail projects, and an influx of young families.
I handle the financing portion and I work with a team of Realtors that can help you find the perfect home, but Dan is correct about doing you're homework on here.
Let us know if we can be of further assistance.
Best of luck to you.
I wouldn't focus on a specific neighborhood. If Bellevue is your city of choice, then start by getting your loan pre-approved to establish your price range. Once you have this your broker can then search for homes in that range. Inventory is pretty low, so as you go through what is available you can then consider all the variables you are concerned with.
It might also be helpful to take a look at schools. The Bellevue district as a whole is very good, but the discrepancies between the best schools and the lowest rated ones might surprise you. I've had clients give me a list of only a handful of schools they would consider and we found their home based on their preferences.
All of Bellevue will do well, the homes near the best schools may do better. The ultimate decision will come down to the specific home and the price you are able to get for it.
If you haven't selected a Broker yet, consider those of us who answer your questions. Check our other answers, blogs, websites or interview us to see who would be the best fit. Congratulations on your decision to purchase.
Hope that helps! I can be more informative getting a comprehensive report- feel free to email me.
Do any of you have experience or knowledge of advantages/disadvantages of lot purchase and home development on our own vs buying an existing house? Any builders with a good reputation and quality in the area?
Thank you again very much,