We are in a buyer's market right now, and although things are looking up, most builders are not willing to take the chance that you will close on the new home. A contingency on a pre-existing home is really just a right of first refusal, meaning, another offer could come in on the house, and if you don't remove the contingency, they can accept the other offer. A contract, being contingent on your home in New Jersey selling, offers the builder no guarantees. Some experts estimate that there is about a 10 month supply of homes available in the KC metro area right now. Normal supply is about 5 to 6 months. That means, buyers are being picky, and banks aren't allowing builders to be as risky (building ahead) as they were just 3 short years ago.
One suggestion would be to rent when you first move here, wait for your house back home to sell, then look to build. While not great, having to move twice, it will allow you to get into the area, research important info, like schools, neighborhoods etc, then make the decision on where to live. It will likely be less stressful knowing that you no longer need to wait for your home to sell, before you can close on your dream home.
In the meantime, to search for information about the KC area, please visit our website,
http://www.RealtyXkc.com for information. Not only can you search for area homes for free, you can also get useful information on schools and city demographics.
If we can be of any assistance, please do not hesitate to call or e-mail.
Aaron and Shannen
Aaron and Shannen Merrick
The Merrick Team
Realty Executives of Kansas City
Merrick@RealtyXkc.com
http://www.RealtyXkc.com
816-914-7701
Fax: 913-642-7053
- Thu May 8 2008, 10:13