The housing market in the Metro Portland area always has something going on with new construction. The Pearl District has new condo projects in various phases of completion. And the suburbs of Beaverton and Hillsboro, for example, always seem to have something coming up.
Even some of the older, more established areas of SE and NE Portland have new construction. Maybe not large subdivisions or high-rise condo complexes, but new construction in the form of “in fill” — a term used to denote the “filling in” of a large lot which has been subdivided to accommodate one, or more new homes.
Having an agent, and an EBA (Exclusive Buyers Agent) is a good idea. Even though you may think you might not need representation, you should consider these questions:
- Why do builder’s use their own purchase / sales agreements?
- Are there incentives from the builder when buying a new construction?
- What is a “spec” home?
- What’s the difference between “New Construction” and a “Custom” home?
- What are options?
- What are upgrades and what are standard features?
- What warranty / guarantees are there with new construction?
- What is a lot premium?
- What happens when the completion date isn’t met?
- Is the new construction in a PUD or HOA?
Most builders will offer a Broker/Buyer Agent Commission (BAC), which is exactly what is offered in a traditional resale property. If the builder is offering to pay the buyer’s agent a commission, why not have an agent on your side? A buyer should take advantage of having THEIR OWN AGENT! Have an EBA on your side! No matter if it’s new construction, or a traditional re-sale home.