While the real estate market in general is starting to cool off, demand for homes in “retirement” communities is continuing to rise. High prices, decreasing inventory, long waiting lists, and buyer lotteries are all signs that homes in these communities are very popular with the 55+ crowd. And ever since the Baby Boom Generation started hitting retirement age a few years ago, the number of buyers in this age range has grown and will continue to do so over the next decade at which point the number of retiree households will grow by about 10 million.
What this means for people looking to buy a home in a 55+ active adult community is that there may be a shortage of homes available. Some builders are even resorting to holding lotteries when they can’t keep up with buyer demand. Instead of bidding wars, they simply choose names out of a hat and if your name isn’t chosen, well, you are out of luck.
This may not sound like good news to you if you are thinking of buying your “retirement” home soon. But because of demand, there are new communities popping up everywhere. And one key to successfully purchasing new construction in one of these communities is to have a Realtor on your side. While new construction sites have Realtors to show you the community and home models, it’s important to remember who that Realtor is working for. He or she represents the builder, not the buyer. Many people think that they will get a better deal or save money if they simply use the builder’s Realtor, but the truth is that the builder pays the commission for the buyer’s agent. So, having an experienced, professional Realtor on your side not only doesn’t cost you anything, it might save you money in the long run when your Realtor negotiates a better deal for you!
There is still another reason why it will benefit you to have your own Realtor when buying new construction. If you’ve never purchased new construction before, you may not realize how many steps are involved. It is a long process and it’s important to have someone representing your interests along the way, especially if you are relocating from another state and can’t be there for the building process. Once you have chosen your home and been approved for a mortgage, it may be several months before the home is completed, inspected and ready for move-in. Your Realtor will be there every step of the way, making sure all the work is done properly and everything is in order for the closing.
If you are thinking about purchasing a home in a 55+ Active Adult Community in the Tampa Bay area, let the professionals at Tampa Realty Now assist you in finding the right community and building the perfect home to meet all your needs and desires! Call Craig & Linda Nowicke today to get started! C: 813-675-5030 L: 813-728-3880