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<p class="gnt_ar_b_p">Samsung could build a $10 billion advanced logic chipmaking plant in Austin, according to media reports, potentially adding to the company's existing multibillion-dollar facilities in Central Texas.&nbsp;</p>
<p class="gnt_ar_b_p">If it happens, the Samsung expansion would add to a series of recent stunning wins for Austin's technology sector. In just the past six months, Austin saw electric automaker Tesla pick it as the site for a $1 billion assembly facility and software giant Oracle move its corporate headquarters to Austin.&nbsp;</p>
<p class="gnt_ar_b_p">Citing people familiar with the plans, Bloomberg news service reported that Samsung&nbsp;is considering spending more than $10 billion on the plant, which could be Samsung's most advanced yet.&nbsp;The report said that the final investment amount could fluctuate.&nbsp;</p>
<p class="gnt_ar_b_p">Travis County deed records show that in late October, Samsung acquired seven tracts of land near its existing Northeast Austin facility. The seven tracts &ndash; the largest of which was 81.4 acres &ndash; have a combined size of 257.5 acres, according to the deed records.</p>
<p class="gnt_ar_b_p">In December, Samsung requested that the Austin City Council make a zoning change for three tracts of land on East Palmer Lane next to its current facility. The company asked that the property be rezoned to allow for more industrial uses.&nbsp;&nbsp;</p>
<p class="gnt_ar_b_p">On Friday, Samsung told the American-Statesman only that no decision has yet been made regarding a site for the proposed new facility. The company declined to comment further on the report.&nbsp;</p>
<p class="gnt_ar_b_p">Samsung is one of the world's largest memory chip and smartphone makers,&nbsp;and the new plant would be a significant expansion both of the company's Austin presence and of its overall chipmaking capabilities in the United States.</p>
<p class="gnt_ar_b_p">Samsung has had operations here since 1997, and says it&nbsp;has invested about $17 billion in its Austin campus through the years. The company&nbsp;has a fabrication plant in Austin, and it has previously said about 10,000 people work there, of which&nbsp;about 3,000 are Samsung employees.&nbsp;Samsung also has a&nbsp;research and development facility project in Austin.</p>
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<p class="gnt_ar_b_p">Patrick Moorhead, a technology industry analyst and founder of Austin-based consulting firm Moor Insights and Strategy, said it makes sense that Samsung would consider expanding in Austin because it already has a presence here.&nbsp;</p>
<p class="gnt_ar_b_p">"Building and running a facility like this takes highly specialized skills and a diverse supplier ecosystem. Austin has all of these already with Samsung&rsquo;s facilities and therefore quicker and easier to build and manage," Moorhead said.&nbsp;</p>
<p class="gnt_ar_b_p">An expansion of that size by Samsung would&nbsp;further solidify Austin&nbsp;as one of the nation's top technology cities and could attract even more talent and companies in the local chip ecosystem, Moorhead said.&nbsp;Other semiconductor&nbsp;companies &mdash; including Advanced Micro Devices, NXP Semiconductors and Silicon Labs &mdash; have significant presences in the region.</p>
<p class="gnt_ar_b_p">Amber Gunst, CEO of the Austin Technology Council, said it makes sense the company would continue to invest in the Austin area. She said Samsung has been a strong contributor to both the technology and manufacturing sector.</p>
<p class="gnt_ar_b_p">"They have made such an impact on our community&nbsp;at every level of our workforce," Gunst said. "It's not just high-paying technology and engineering jobs. It's also manufacturing jobs that are in separate need, especially since COVID came through. It&nbsp;just gives a lot of opportunity to Austinites&nbsp;to get good, solid jobs that they're going to be able to build a career around."&nbsp;</p>
<p class="gnt_ar_b_p">According to the Bloomberg report, the new Samsung facility would be potentially capable of fabricating chips as advanced as 3 nanometers. Construction could start as early as this year, with major equipment added in 2022, and operations as early as 2023.</p>
<p class="gnt_ar_b_p">Moorhead said an increased U.S. presence for&nbsp;Samsung would help the company stay competitive&nbsp;and would bring more of its manufacturing to the U.S.</p>
<p class="gnt_ar_b_p">"If Samsung were to build this facility, it would increase its ability to compete globally and more effectively compete for business in the United States," Moorhead said. "There is a lot of concern in the intelligence community that having too much dependence on Taiwan and Korea is too risky."&nbsp;</p>
<p class="gnt_ar_b_p">The potential&nbsp;ramp-up in U.S.-based manufacturing capabilities&nbsp;would give Samsung more ability to compete with other chipmakers, including&nbsp;Taiwan Semiconductor Manufacturing Co.,&nbsp;which makes chips for Apple's iPhones.&nbsp;</p>
<p class="gnt_ar_b_p">In November, Samsung announced it was investing&nbsp;$116 billion in&nbsp;its next-generation chip business.</p>
<p class="gnt_ar_b_p">The new fabricating facility could put Samsung in a more competitive position to become the chipmaker of choice for companies including Apple and Advanced Micro Devices.&nbsp;</p>
<p class="gnt_ar_b_p">Bloomberg reported that the plant would be the company's first in the U.S to use extreme ultraviolet lithography, which is the standard for next-generation silicon. It also would potentially be home to some of the first 3-nanometer semiconductor production.</p>
<p class="gnt_ar_b_p">Moorhead said the technology would be cutting&nbsp;edge if built in the next few years.&nbsp;He said 3nm is significantly smaller than what Samsung currently produces, and the new chips would enable&nbsp;faster and lower power capabilities.&nbsp; &nbsp;</p>
<p class="gnt_ar_b_p">The company set a goal on closing the gap with Taiwan Semiconductor Manufacturing Co. in as little as two years, Bloomberg reported. A Samsung executive also said at an invitation-only event that the company will mass-produce 3nm chips in 2022. This would put it on track to start making the industry's most advanced semiconductors in the same year Taiwan Semiconductor Manufacturing Co. expects to pass that milestone.</p>
<p class="gnt_ar_b_p">Samsung's expansion would join a wave of recent investment&nbsp;in Central Texas, as a number of big-name&nbsp;technology and manufacturing companies have announced plans to relocate to or expand in the region in recent months.</p>
<p class="gnt_ar_b_p">Tesla announced in July that Southeast Travis county would be home to its new $1 billion assembly plant. In December, Oracle announced it was relocating its headquarters to Austin, where the company already has a significant presence.&nbsp;</p>
<p class="gnt_ar_b_p">Gunst said the influx of companies is bringing an influx of jobs to every aspect of the workforce and predicted many will end up giving back to the community in education opportunities.&nbsp;</p>
<p class="gnt_ar_b_p">"Seeing&nbsp;opportunities like this come through is giving Central Texas opportunities to not only go to school here, and to graduate at various levels of degrees," Gunst said, "It gives them the opportunity to stay here as well."</p>
<p class="gnt_ar_b_p">She said the pandemic has freed up&nbsp;companies to consider expanding or relocating to areas outside of the coast, like Austin.&nbsp;</p>
<p class="gnt_ar_b_p">"These really large companies were focused on being on the West Coast because that's just what they've always done. They're seeing their employees function in&nbsp;work-at-home environments, which gave them the flexibility to identify&nbsp;if they actually need to be on the West Coast or&nbsp;the East Coast," Gunst said. "Austin and Texas continue to be very supportive of the growth of companies, and at providing opportunities for companies to do expansion in the area."&nbsp;</p>
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<div class="videoCube trc_spotlight_item origin-default thumbnail_start textItem videoCube_2_child trc_excludable " data-item-id="6843442218671496372" data-item-title="What we know about Bharat Narumanchi, who Austin police say killed a doctor and himself in a hostage standoff" data-item-thumb="https://www.gannett-cdn.com/presto/2021/01/27/NAAS/2aa4e6e5-9678-48d5-9034-86027238c994-Bharat_Narumanchi.jpg?auto=webp&amp;crop=399,225,x0,y86&amp;format=pjpg&amp;width=1200" data-item-syndicated="false">&nbsp;</div>
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Report: Samsung may build $10 billion advanced chipmaking plant in Austin

<p>The public-access lagoon will serve as the centerpiece for more than 1 million square feet of commercial development, including a full-service hotel and conference center planned for the property. (Rendering courtesy city of Leander)</p>
<p>Leander Springs, a 78-acre, mixed-use project with retail, restaurants, entertainment, hospitality, office and residential components, is coming to town, Leander Mayor Troy Hill announced Oct. 15.<br /><br />Located at the southwest corner of FM 2243 and 183A, expectations are that a fully developed Leander Springs could be valued at $1 billion, according to the city.<br /><br />As part of an economic development agreement with Leander Springs LLC, the city approved up to $22 million in performance-based tax incentives for the project, which promises to construct a 4-acre crystalline lagoon powered by Crystal Lagoons technology and surrounded by 10 acres of boardwalk and related amenities. The lagoon will be filled only once and operate in a closed circuit to ensure sustainable use of water.<br /><br />The public-access lagoon will serve as the centerpiece for more than 1 million square feet of commercial development, including a full-service hotel and conference center planned for the property.<br /><br />&ldquo;This dynamic mixed-use development is a game changer for our community,&rdquo; Hill said in a release. &ldquo;Leander Springs has a phased approach that will bring in much needed commercial development at the beginning of the project while incorporating residential uses in a proportional manner.&rdquo;</p>
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<p>In addition to commercial development, up to 1,600 units of multifamily residential development are proposed for the project, according to the city. A phasing plan was incorporated into the city&rsquo;s agreement to require commercial uses to be constructed proportionally with residential uses.<br /><br />&ldquo;Our conservative approach in the Leander Springs agreement helps make this project feasible for the developers while serving as a low risk opportunity for the city,&rdquo; City Manager Rick Beverlin said in the release. &ldquo;The deal allows us to immediately share in the economic benefits on a property that should provide excellent returns if developed to its best and highest use.&rdquo;<br /><br />Leander Springs LLC will qualify for tax rebate payments on the project once certain commercial development milestones are achieved, and only tax dollars generated from new commercial properties qualify, the city said, adding because rebates are restricted to new development, existing public funds will not be used to finance the project.<br /><br />Leander Springs LLC is eligible to receive rebates from the city on property taxes, sales taxes and hotel occupancy taxes collected as Leander Springs develops. Some examples from the city include:</p>
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<li>Phase 1 property and sales tax rebates: Leander Springs must have 35,000 square feet of commercial development and the crystalline lagoon completed by Dec. 31, 2023. No more than 400 multifamily residential units may be developed during Phase 1.</li>
<li>Phase 2 property and sales tax rebates: Leander Springs must have 100,000 square feet of commercial development within five years of receiving the first certificate of occupancy for developments under Phase 1. No more than 250 multifamily residential units may be developed during Phase 2.</li>
<li>Additional property and sales tax rebates: Leander Springs must have 100,000 square feet of commercial development for every additional 250 multifamily residential units developed.</li>
</ul>
<p><br />Proposed zoning for Leander Springs will be presented to the Leander Planning and Zoning Commission on Oct. 22. Leander City Council will make a final determination during the first and second readings of the zoning request on Nov. 19 and Dec. 3, respectively.<br /><br /><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/articles/115245/2.jpg" border="0" alt="" width="5184" height="3456" /></p>
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Proposed $1 billion development with hotel, residences, 4-acre crystalline lagoon coming to Leander

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<li>Oracle is the latest tech company to relocate out of California.</li>
<li>The coronavirus pandemic has given a number of tech companies an excuse to exit Silicon Valley.</li>
<li>HPE announced its move to Houston earlier this month.</li>
</ul>
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<p><a href="https://www.cnbc.com/quotes/?symbol=ORCL">Oracle</a>&nbsp;is the latest tech company to move its headquarters out of California. The company said on Friday it&rsquo;s moving its headquarters from the Silicon Valley to Austin, Texas.</p>
<p>&ldquo;Oracle is implementing a more flexible employee work location policy and has changed its Corporate Headquarters from Redwood City, California to Austin, Texas. We believe these moves best position Oracle for growth and provide our personnel with more flexibility about where and how they work,&rdquo; a spokesperson confirmed to CNBC.</p>
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<p>Bloomberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2020-12-11/oracle-moves-headquarters-to-texas-joins-exodus-from-california?srnd=technology-vp&amp;amp;sref=ctSjKj2N" target="_blank" rel="noopener">first reported</a>&nbsp;the move.</p>
<p>A bulk of employees can choose their office location, or continue to work from home part time or full time, the company said.</p>
<p>&ldquo;In addition, we will continue to support major hubs for Oracle around the world, including those in the United States such as Redwood City, Austin, Santa Monica, Seattle, Denver, Orlando and Burlington, among others, and we expect to add other locations over time,&rdquo; Oracle said. &ldquo;By implementing a more modern approach to work, we expect to further improve our employees&rsquo; quality of life and quality of output.&rdquo;</p>
<p>Oracle is one of Silicon Valley&rsquo;s older success stories, founded in Santa Clara in 1977. It&nbsp;<a href="http://www.redwoodcityhistory.org/timeline" target="_blank" rel="noopener">moved into its current headquarters in 1989</a>. Several of the buildings on its campus there are&nbsp;<a href="https://www.businessinsider.com/oracle-employees-enjoy-pool-yacht-2015-1#that-cylinder-shape-of-the-buildings-is-an-insider-geek-joke-the-symbol-for-database-oracles-flagship-product-is-a-cylinder-10" target="_blank" rel="noopener">constructed in the shape of a squat cylinder</a>, which is the classic symbol in computer systems design for a database, the product on which Oracle built its empire.</p>
<p>The coronavirus pandemic has given a number of tech companies and prominent Silicon Valley figures an excuse to exit California.&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=HPE">Hewlett Packard Enterprise</a>&nbsp;announced earlier this month that it will relocate its headquarters from San Jose, California, to Houston, Texas. Data analytics software company&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=PLTR">Palantir Technologies</a>&nbsp;also&nbsp;<a href="https://www.cnbc.com/2020/08/19/palantir-headquarters-moves-from-silicon-valley-to-colorado.html">moved its headquarters</a>&nbsp;to Denver, Colorado from Palo Alto, California, earlier this year.</p>
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<p><a href="https://www.cnbc.com/quotes/?symbol=TSLA">Tesla</a>&nbsp;and SpaceX chief Elon Musk also&nbsp;<a href="https://www.cnbc.com/2020/12/08/elon-musk-confirms-he-moved-to-texas.html">confirmed this week</a>&nbsp;that he moved to Texas, though his companies still maintain their major operations in California<strong>.&nbsp;</strong>Larry Ellison, Oracle&rsquo;s co-founder and chairman, serves on Tesla&rsquo;s board. Ellison has a longstanding friendship with Michael Dell, whose computer company was founded and remains headquartered in the Austin area.</p>
<p><a href="https://www.cnbc.com/2020/12/11/oracle-is-moving-its-headquarters-from-silicon-valley-to-austin-texas.html?__source=sharebar|facebook&amp;par=sharebar&amp;fbclid=IwAR0A12lqNpHc0bRdUfw7beikrvCxXBYzugm64nJ-sXJ8H8Mne05kRkdloXI">View original article by Jessica Bursztynsky</a></p>
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Oracle is moving its headquarters from Silicon Valley to Austin, Texas

<p>The project would include retail and restaurant space as well as residential units, hotel rooms and office space.</p>
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<p>AUSTIN, Texas &mdash; The site of the&nbsp;<a href="http://www.barshop-oles.com/properties/2" target="_blank" rel="noopener noreferrer">Brodie Oaks shopping center&nbsp;</a>could be getting a big upgrade.</p>
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<p><a href="http://www.barshop-oles.com/" target="_blank" rel="noopener noreferrer">Barshop &amp; Oles Company</a>&nbsp;announced on Dec. 3 its vision for the retail center, and it's worth a pretty penny. The group is proposing a mixed-use project that could cost up to $1 billion over the next 10 years. It would feature up to 3 million square feet of new space.</p>
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<p>The center is located above the Barton Springs Greenbelt at&nbsp;<a href="https://goo.gl/maps/q6HPcz1Yvf6dApp27" target="_blank" rel="noopener noreferrer">4021 S. Capital of Texas Highway</a>&nbsp;at the juncture of Highway 360 and South Lamar in Austin.</p>
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<p>The shopping center will feature lots of park and outdoor space, as well as connections to the Greenbelt. Its goal is to "address ecology, vitality, connectivity, character and performance."</p>
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<p>The phased project could include the following:</p>
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<li>1,600 residential units</li>
<li>1.1 million square feet of office space</li>
<li>450 hotel rooms</li>
<li>140,000 square feet of retail and restaurant space</li>
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<p><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/articles/115244/1.jpg" border="0" /></p>
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<p>But that's not all. The project will create a trailhead to connect the site with the Barton Springs Greenbelt and provide 4,700 feet of active trails and 10,000 feet of pedestrian walkways and bicycle paths.</p>
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<p>&ldquo;Brodie Oaks sits at the intersection of where the natural environment meets the urban environment. When the current project was approved, the original developer dedicated 84 acres to help create and expand the Barton Creek Greenbelt,&rdquo; David Armbrust, founder and partner of Armbrust &amp; Brown PLLC, said. &ldquo;The current owner and developer plans to carry that environmental spirit forward while creating a unique urban environment with a distinctive South Austin character.&rdquo;</p>
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<p>The project will turn 13.7 acres of parking lot and building space into green space, accounting for more than a third of the site.</p>
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$1B mixed-use project proposed for Brodie Oaks shopping center in South Austin

<p>If you&rsquo;re torn between buying or building a home, understanding what each option entails will help you make a more informed decision. Here are the pros and cons of each journey.</p>
<p>As the seller&rsquo;s market continues, many first-time homebuyers are deciding which route is best for them: buying an existing home or building a new one. While the right answer varies from person-to-person, there are several pros and cons for each option. As the housing inventory shortage continues,&nbsp;<a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-new-construction-august-18-2020">new construction has grown in popularity</a>&nbsp;but the demand still outpaces the supply, so many buyers look to existing construction. Understanding what each option entails will help homebuyers make a better, more informed decision in their home buying journey.</p>
<h3><strong>Buying an Existing Home</strong></h3>
<p>Existing homes are often referred to as resale homes. &ldquo;<a href="https://www.homes.com/question/34629/what-is-the-difference-between-resale-and-forclosures/#:~:text=Resale%20are%20properties%20that%20are,foreclosed%20took%20back%20the%20property.">Resales</a>&nbsp;are properties that are previously owned and re-selling not new.&rdquo;</p>
<h4><strong>How To Know If an Existing Home Is The Right Choice For You</strong></h4>
<p>Sonia Graham, Realtor with&nbsp;<a href="https://www.jparmd.com/">JPAR Maryland Living</a>&nbsp;advises that &ldquo;Existing homes are a great choice too&nbsp; &ndash; you can tell if the bones are good; neighborhoods are established. Maybe you want something with good bones and a vintage feel that you can also update.&rdquo;</p>
<h4><strong>Things To Consider With Existing Homes</strong></h4>
<p>Graham states in the Annapolis-Baltimore area that approximately 65% of recent sales are existing construction and that, &ldquo;we are in a seller&rsquo;s market here in Maryland. Homes are being priced really well, however, because of the lack of inventory, homes get sold at higher than listing.&rdquo; This is true across the U.S. In September 2020, existing home sales&nbsp;<a href="https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september?hs_social=facebook&amp;hs_profile=national%20association%20of%20realtors%C2%AE&amp;hs_sid=1fda56da-aeb4-4aec-966d-e1f5462a6120">increased by 9.4%</a>&nbsp;from the previous month and 20.9% increase from last year for a total of 6.5 million homes.</p>
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<li><strong>Total housing inventory declined from the prior month and one year ago to&nbsp;<a href="https://www.homes.com/blog/2020/11/the-pros-and-cons-of-building-vs-buying-as-a-first-time-homeowner/Total%20housing%20inventory%20declined%20from%20the%20prior%20month%20and%20one%20year%20ago%20to%201.47%20million,%20enough%20to%20last%202.7%20months%20%E2%80%93%20a%20record%20low%20%E2%80%93%20at%20the%20current%20sales%20pace.">47 million</a>, enough to last 2.7 months at the current sales pace.</strong>&nbsp;<em>What this means for buyers: There are less homes to choose from.</em></li>
<li><strong>Existing homes prices were up 14.8% from September 2019</strong>&nbsp;and according to the&nbsp;<a href="https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september?hs_social=facebook&amp;hs_profile=national%20association%20of%20realtors%C2%AE&amp;hs_sid=1fda56da-aeb4-4aec-966d-e1f5462a6120">National Association of Realtors</a>&nbsp;&ldquo;September&rsquo;s national price increase marks 103 straight months of year-over-year gains.&rdquo;&nbsp;<em>What this means for buyers: You may pay more for less home depending on your budget.</em></li>
<li><strong>In September 2020 properties remained on the market for 3 weeks &ndash; an all time low according to&nbsp;<a href="https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september?hs_social=facebook&amp;hs_profile=national%20association%20of%20realtors%C2%AE&amp;hs_sid=1fda56da-aeb4-4aec-966d-e1f5462a6120">NAR</a>.</strong>&nbsp;<em>What this means for buyers: The market is fast paced and requires buyers to decide and act quickly to secure a home.</em></li>
<li><strong>Eighteen-percent of September 2020 sales were purchased by cash buyers according to NAR&rsquo;s data.</strong>&nbsp;<em>What this means for buyers: Buyers must make strong, clean offers to compete against the large portion of cash buyers.</em></li>
<li><strong>For homes that sold in August 2020, homeowners had just over 3 offers on their home&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2020-10-19-weekly-housing-market-monitor-10-22-2020.pdf">according to NAR</a>.</strong>&nbsp;<em>What this means for buyers: Expect that you will have to compete and present your highest and best offer every time.</em></li>
</ul>
<h3><strong>Buying A New Construction Home</strong></h3>
<p>Housing starts, or new construction, rose 8.1% from this time last year, according to<a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-housing-starts-october-20-2020">&nbsp;National Association of Realtors&rsquo; Chief Economist, Lawrence Yun</a>. Sonia Graham says that 37% the Annapolis-Baltimore home sales have been new construction. And there&rsquo;s a reason the new construction has grown in popularity:&nbsp;<a href="https://www.homes.com/blog/2020/09/new-construction-ease-housing-shortage-spec-home-build/?cmp=hdc-jennifermcmurray-10-2020">it&rsquo;s helping to ease the housing shortage</a>.</p>
<p>&nbsp;</p>
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<h4><strong>How To Know If New Construction Is The Right Choice For You</strong></h4>
<p>Sonia Graham states that with new construction &ldquo;the biggest incentive is the closing help; using the builder&rsquo;s lender generally keeps the cost lower for the builder and so they have more room to offer incentives.&rdquo;</p>
<p><em><strong><a href="https://www.homes.com/blog/2020/03/wanting-build-home-questions-need-ask-land-buy/">Read: Questions to Ask Before Buying Land to Build Your Dream Home</a></strong></em></p>
<p><em><strong><a href="https://www.homes.com/blog/2019/02/when-should-we-start-building-our-new-home-pros-and-cons-of-beginning-construction-in-spring/">Read: When Should We Start Building Our Home? Pros and Cons of Building in the Spring</a></strong></em></p>
<h4><strong>Things To Consider With New Construction</strong></h4>
<p>As Graham says, &ldquo;everyone loves the idea of being the first to live in a home &ndash; nothing used by anyone before, everything sparkly and brand new&hellip;&rdquo; However, it&rsquo;s important to understand&nbsp;<em>no</em>&nbsp;home is perfect; existing or new. This is why Graham strongly suggests &ldquo;using the home inspector your Realtor works with&hellip; red flags will be found in the home inspection.&rdquo;</p>
<ul style="list-style-type: disc;">
<li><strong>&ldquo;Housing starts had hit 1.617 million in January and fell to 934,000 in May. The recovery hit a snag due to the shortage and rising cost of lumber, with the price of softwood lumber up 81% year-over-year as of September&rdquo;, according to&nbsp;<a href="https://cdn.nar.realtor/sites/default/files/documents/2020-10-19-weekly-housing-market-monitor-10-22-2020.pdf">NAR&rsquo;s latest data</a>.</strong>&nbsp;<em>What this means for buyers: As lumber prices increase, so will new home cost. The increase cost in lumber is ultimately transferred to the buyer.</em></li>
<li><strong><a href="https://www.nar.realtor/sites/default/files/documents/2020-generational-trends-report-03-05-2020.pdf">Thirty-nine percent of buyers</a>&nbsp;choose new construction to &ldquo;avoid renovations or problems with plumbing or electricity.&rdquo;</strong>&nbsp;<em>What this means for buyers: There should be no looming large expenses like a roof or plumbing with new construction.</em></li>
<li><a href="https://www.washingtonpost.com/news/where-we-live/wp/2015/02/24/how-to-negotiate-closing-costs-on-a-newly-constructed-house/"><strong>Closing costs are negotiable</strong></a><strong>. Unlike with existing homes, builders tend to be more open to paying for some or all a buyer&rsquo;s closing costs. This should be negotiated early-on and put into writing between the buyer and builder.</strong>&nbsp;<em>What this means for the buyer: If the burden of closing costs AND a down payment are an issue, new construction could possibly ease that burden by helping with closing costs.</em></li>
<li><strong>Builders provide warranties, but read the fine print!</strong>&nbsp;Builders will typically provide a&nbsp;<a href="https://www.bankrate.com/real-estate/builder-warranties/#:~:text=Most%20builder%20warranties%20cover%20material,years%20on%20major%20structural%20elements.">one year builder&rsquo;s warranty</a>; however, they don&rsquo;t cover everything. It&rsquo;s advised that buyers request to see a copy of the warranty&nbsp;<em>prior</em>&nbsp;to purchasing the home. Buyers may also purchase additional&nbsp;<a href="https://www.facebook.com/watch/?v=242164516849385">home warranty options</a>&nbsp;which cover more.</li>
</ul>
<p>To decide which option is best, it&rsquo;s important that as a buyer you work with an experienced and knowledgeable Realtor that is proficient in both areas. As Sonia Graham reminds, &ldquo;Its truly a family by family choice and neither is &ldquo;right or wrong&rdquo; as a whole &ndash; just &ldquo;right or wrong &rdquo; for the client and their family.&rdquo; By working with a Realtor, buyers can feel comfortable and informed on which choice is best for them. To start your new or existing home search, download the&nbsp;<a href="https://www.homes.com/how-to/buy-a-home/homes-widgets-apps/">Homes.com app</a>&nbsp;on your smartphone or search&nbsp;<a href="https://www.homes.com/blog/2020/09/new-construction-ease-housing-shortage-spec-home-build/?cmp=hdc-jennifermcmurray-10-2020">via the web</a>.</p>
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The Pros and Cons of Building vs. Buying as a First-time Homeowner

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The Pros and Cons of Building vs. Buying as a First-time Homeowner

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