Sep
 
21
 

New construction is booming throughout Northeast Florida and has left buyers with an important decision to make: buy a new home or a previously owned home. We recently sat down with Bank of England Production Manager Troy Silhan for tips to help homebuyers understand the differences in the buying process and how to avoid issues.

According to Troy, the buying process is essentially the same from pre-approval through closing, but there are a few distinctions. His advice is to follow a few simple guidelines: determine your priorities early, utilize a Realtor’s expertise and thoroughly understand the contract.

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The real estate market has been steadily improving this year and the so-called icing on the cake is the increase in new home sales.  At Davidson Realty, a whopping 45% of their closings in November were new construction, and they have closed 85 new construction sales so far in 2013.  A healthy real estate market is good for the economy and new construction is especially fruitful. According to the National Association of Home Builders, each new home provides approximately three new jobs for a year and an additional $90,000 in tax revenue. The Commerce Department reported that sales of new homes were up by 25% in October nationally.

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