Chic vs. Geek: Buying Brand New

When you purchase a newly constructed single family home, there are a few important details that you need to navigate, including these contract specifications…

CHIC (Pearl)

Everything from the fit and finish of cabinets and mirrors to flooring, interior and exterior walls, countertops, paint finishes and trim can fall under a seller warranty against defective materials and/or workmanship, provided the seller receives notice within one year of the date of occupancy. The buyer can always waive this coverage for anything they’ve already had inspected.

GEEK (Kevin)

To make sure the seller follows through, there’s also a seller completion obligation, under which the seller agrees to provide all labor and materials to make necessary improvements and file all the applicable paperwork with local authorities. But supply shortages, labor disputes, buyer inaction, and other unforeseeable circumstances can cause delays.

Geek's Number Talk: Compass National Snapshot

As COVID restrictions have eased up in some states over the past two weeks, the number of homes going into contract has been trending upward in many markets. A few highlights:

1. There has been a notable uptick in regions that have lifted restrictions.

2. Inventory levels remain low in many areas where restrictions have not been lifted.

3. Compass can provide you with real-time data so you can see activity as it’s happening!