New construction boosts residential real estate purchases

| Dec 26, 2013 | Residential Real Estate

Here in Massachusetts and all across the United States signs of an improved economy are popping up. Unemployment rates are dropping as more people find and stay in jobs. Additionally, individuals are looking to buy and sell their homes at higher rates than in the recent past. In addition to existing home sales, new home sales are beginning to drive residential real estate purchases as well.

The Bloomberg Group has found that new home construction has gone up by 22.7 percent all across the nation, which means that prospective home buyers now have more new buildings to consider when they begin searching for their dream homes.

Though some similarities exist between buying existing, or previously lived in, properties and newly constructed homes, there may be some differences that purchasers encounter when it comes to agreeing to a contract. For example, when purchasers buy from property owners who live in the contracted-for homes they can sometimes ask those owners to do things that a builder selling a new home would not be required to do.

Real estate agreements can be tricky documents that assign responsibilities to both the buyers and sellers. When parties to an agreement fail to abide its terms or fail to fulfill their obligations, money can be lost and contracts can be terminated, resulting in prospective buyers losing their shots at their desired properties.

Whether a buyer is hoping to purchase an existing home or a new home, many things can happen before he gets to his real estate closing. Working with professional real estate lawyers can help both buyers and sellers negotiate fair real estate agreements, work through unanticipated problems and transfer properties with relative ease.

Source: Worcester Telegram News, “Construction to lift growth as housing starts jump,” Lorraine Wollert, Dec. 19, 2013