Interested in buying a new condominium, new home or recent conversion in DC/MD/VA? The local condo and home market has again heated up, with high competition and demand for units in popular and ‘emerging’ neighborhoods all over the city. In market conditions such as this, buyers must be prepared, nimble and, most importantly, strategically represented in order to compete and successfully purchase the units they desire.
The DC new condo market is sophisticated and you need sophisticated buyer representation. That’s where Nexttier Realty can help. We have been representing both new condo home buyers and condominium developers since 1993, with hundreds of units sold locally.
Here’s some facts on the current new condominium market and how it can be frightening to new buyer without professional guidance:
- Multiple new condominium projects are starting to appear and begin marketing and construction.
- The hot market and demand for inventory means that these projects will be sold as Pre-Sales, before the buildings are physically constructed.
- Interested condo buyers will typically be selecting their units off of floorplans and schematics; the floor your unit is located on has a major effect on the price will pay as well as its future value and appeal.
- There is both an art and a science to strategic new condo purchasing; you do not want to over-pay early nor do you want to risk missing out on the unit you really want.
- There are typically no discounts, incentives or special deals available from developers for buyers who do not use the services of an agent. You can miss opportunities for incentives like closing costs credits, transit packages, etc.
- Pre-Sales requires a Deposit with most developers. There is flexibility here if you are represented by an Agent who is experienced at managing the interaction with the developer.
- There can be a long waiting period between Pre-Sales, actual building construction and the time your unit settles and is delivered to you. You must understand your rights during this time frame and how to trigger a cancellation of your purchase.
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