Placing the builder’s “Priority List” in perspective

Do you have a chance of buying a new home when the list is over double digits?
Do you have a chance of buying a new home when the list is over double digits?

After meeting with an agent, comparing other available new homes, viewing the models, and getting pre-approved, you decide you want to purchase a home in a new community.

Then you discover there are 30 people on the list ahead of you.

Should you move on? Or figure it’s worth a shot?

Here are few questions to ask in order to know if you should proceed:

1. When did the list start? I just visited the sales office of Paseo at La Floresta and someone “in the know” informed me that there are over 130 people on the list. However, we both agreed that with the list over 1 year old, there are many that have either found another home to purchase or no longer interested.

2. How many are on the list? It’s tough to get a straight answer if you’re a prospective buyer. The sales reps might be trained to not disclose this information due to the risk of scaring away a buyer. On the other end of the spectrum, disclosing a low number might make a buyer suspicious of the current pricing. From my experience, the builder’s representatives are more willing to give this information to agents.

3. Are you flexible on floor plan and lot location? Many buyers forget that if you’re eyeing the corner lot with a panoramic view, it’s likely the buyers on the list will be hot after it, too.  Having flexibility will increase your chances tremendously.

4. How much have prices changed since the prior release? Now we’re entering forecast territory. If prices have risen significantly (and you still can afford it), it may eliminate some of your competition.

Even if the questions above are not looking good in your favor, you’d be surprised how many on the list are “market watchers.” In other words, they went through all the hassle of getting pre-approved only to “defer” their home choice to the next phase.

During Coral Ridge’s last phase release in Blackstone, there were over 30 people in the room and 3 homes remained unsold.

ARE YOU FLEXIBLE? During Shea's release, 2 view homes were snatched up and 3 non-view homes remained on the board.
ARE YOU FLEXIBLE? During Shea’s release, 2 view homes were snatched up and 3 non-view homes remained on the board. Homesite #36 was a corner lot with more square footage and a panoramic view.

 

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