If it's time to rethink the size of your home, the end of the year may be the best time to buy a brand-new residence because many homebuilders have a large selection of available quick-move-ins (also called spec/speculative, move-in-ready or inventory homes) and they’re often offering plenty of incentives to encourage prospective buyers to commit now.
A brand-new home that must still be built can take four to eight months to complete after the date of purchase. But experts say that cash buyers can move into a brandnew, never-been-lived-in inventory home (completely built or partially completed) in as few as 30 days after purchase; buyers getting a mortgage may be able to move in within 60 days.
Lots of inventory
Here's just a small sampling of how many move-in-ready homes you can choose from in various locations around the Valley: In Vistancia, a huge master-planned community in North Peoria, said Mark Hammons, general manager/vice president for Vistancia, as many as 25 quick-move-ins are available collectively at any one time in the family-friendly network of communities called The Village at Vistancia and Blackstone at Vistancia, which features luxury homes and custom homesites.
Within the four Trilogy active-adult communities — in Vistancia, Wickenburg, Rio Verde and San Tan Valley — about 50 quick-move-ins are available, said Hal Looney, Shea Homes’ Active Lifestyle Communities-Arizona president.
Incentives offered during the month of November include a washer/dryer, refrigerator and up to $10,000 in options from Meritage Homes, said Jamie McAndrew, vice president of sales for Meritage Homes. Meritage also is offering an “M-CONNECTED Home Automation Package,” he said.
In the Northwest Valley community of Sonoran Acres, (developed by Scottsdale based Ripson Homes) buyers can receive a 2 percent gift toward the principal balance of the loan when only a 1 percent down payment is made, said Anastasia Ripson, vice president of sales and innovation and chief sustainability officer for Ripson Homes. “It’s like receiving 2 percent free,” she said. “What an amazing way to purchase your new dream home.”
'Right-sizing' the future
"The reason buyers are looking to downsize their residence is to reduce expenses and free up time otherwise spent on maintaining a yard,” Looney [of Shea Homes Active Lifestyle Communities] pointed out. Or, buyers want to downsize because bedrooms and bathrooms are no longer used. Among the reasons buyers look to upsize, he said, are to accommodate a parent or older child moving into the home or they plan to have family and friends visit more often.
Hammons [of Vistancia] said the three most high-profile demographics that want to change the size of their home are growing families, empty-nesters and multi-generational families living under one roof.
“November isn’t just a great time to upsize or downsize,” Looney said. “It’s about right-sizing. If a buyer is interested in a quick move to a home that’s complete — whether it’s larger or smaller than their current home — and the mortgage closes quickly or it’s a cash sale, the homeowner could be moving in around 30 to 60 days, just in time for the holidays. There’s no better holiday gift than a new home and lifestyle.”
Ripson agrees. “There’s nothing like a new home for the holidays,” she said. “November is the perfect time of year to buy an inventory home as it allows you to take advantage of special offers.” In Sonoran Acres, she added, a fully upgraded home is available at a fraction of the price of a to-be-built home with similar upgrades. Depending on how fast the home closes escrow, “you could be in your new dream home and celebrating with friends and family in a matter of weeks.”
Typically in November, McAndrew [of Meritage Homes] said, there are an ample number of homesites to select from and close on before the end of the year. “Discounts tend to be a little more aggressive at this time of year,” he said, “and there are more buyers out looking for a new home to settle into before the end of the year. Moving is a little easier with the nice weather, too, and there are several longer weekends to help you get settled in.”
Great pricing opprotunities
“As we near the end of the year, builders typically offer the best pricing to prepare for the next season of quick-move-in homes,” Looney said. “Buyers receive great pricing and a relaxed, fast way to start living the Trilogy lifestyle while settling in, with little disruption into daily lives.”