If you have four or maybe six months to wait, which would you choose, new construction or a short sale?
I ask this only because while looking over recent activity in Rockledge, Florida’s Phillips Landing subdivision I noticed most active listings fall primarily into two categories – new construction or short sale.
Of the six active listings in Phillips Landing on June 14th, there were two short sales , three new construction properties and a lone foreclosure.
I will dismiss the for
eclosure in this discussion as foreclosures are not the same as either of these.
Several of these homes are very similar. The prices are not that far apart either – perhaps $10-15,000 once you get a reasonable offer signed off by the seller.
The new construction properties are listed with four months as the build out time. If you are lucky a short sale will take at least four months and likely longer.
So, which do you choose, a short sale or new construction in Phillips Landing?
New construction is more of a certain thing – if there is such a thing in real estate! Keep in mind that a short sale, if approved, may take more than four months and is not a sure thing.
If new construction is your choice....
Of the six active listings in Phillips Landing on June 14th, there were two short sales , three new construction properties and a lone foreclosure.
I will dismiss the for
eclosure in this discussion as foreclosures are not the same as either of these.Several of these homes are very similar. The prices are not that far apart either – perhaps $10-15,000 once you get a reasonable offer signed off by the seller.
The new construction properties are listed with four months as the build out time. If you are lucky a short sale will take at least four months and likely longer.
So, which do you choose, a short sale or new construction in Phillips Landing?
New construction is more of a certain thing – if there is such a thing in real estate! Keep in mind that a short sale, if approved, may take more than four months and is not a sure thing.
If new construction is your choice....
- As with all new construction, I highly recommend you negotiate with builders. Before you visit any new model homes, find yourself a knowledgeable real estate agent to represent you.
- If new construction is a consideration, buyers need to understand there are price differences between “cookie cutter” homes, semi-custom homes and custom built homes which you will find throughout the Viera and Rockledge, Florida area.
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.
Read my blogs Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.
good post either one of those is a risk. Its why I have so many grey hairs,
RE?MAX Best - Yep...at least it is a good excuse for the change in hair color!
Are those our only two choices? J♪♫♫♪ I suppose that all things being equal, I’d rather work with new construction.
Gary - great question! Personally, I would likely go for the new home as I would have all the choices to make and it would be brand new & spotless at possession. I listen to clients and we discuss all the options for them and many do like trying for the short sale, thinking it will be the best deal. Everyone want a "steal of a deal". I am working on a short sale now that has been going on several months and things have happened to the home during the process.
Thanks for asking this question as it provides good thoughts for us to use when we are working with clients.
Jim - New construction it is! Oh if you have four months and a very patient seller I guess a standard sale is an option too!
Barbara - I don't know of anyone who would prefer the short sale. This was almost a rhetorical question I think. Thanks!