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Would like to have a new home but don’t want to go through the hassle of building? A viable option is Indianapolis spec homes.

The recent downturn in the Indianapolis new home market has created an oversupply of spec homes in the Indianapolis metro area. Most Indianapolis new home builders have spec homes on the market.

“Spec homes” are homes built by builders on “speculation” they can sell them before or soon after they completes them. Although that is the true meaning of spec homes, in the real estate market the term “spec homes” may also include new homes that have come on the market because of contract cancellations or “back-outs”, and builders’ former model homes.

Indy spec homes may be called a lot of different names by Indianapolis builders, such as “Quick Move-In Homes”, “Showcase Homes”, “Move-In Ready Homes”, and the more common “Inventory Homes.”

1. One of the biggest advantages to buying an Indianapolis spec home from an Indianapolis new home builder is you don’t have to make all of the decisions you would have to make if you were building. Most of the decisions are already made for you when you buy an Indy spec home. You don’t have to pick out all of the colors of paint, the thickest of the carpet pad, what kind of door knobs, etc. You don’t have all of the stress of making the hundreds of decisions of building a new home.

2. You usually can have a quick closing, within 30 days of the date of acceptance of Purchase Agreement. If you want or need a new home in Indianapolis area soon and can’t wait the four to six months it takes to built, Indianapolis spec homes could be your answer.

3. Indianapolis home builders usually built spec homes in their most popular floor plans and upgrades. They don’t want to build a new home with floor plans no one likes.

4. Indianapolis new home builders may be more negotiable in price on spec homes or inventory homes than on contract homes. They want to turn them fast so they can build more.

The biggest disadvantage of buying Indianapolis spec homes is you pretty much get what the builder builds. You don’t get to “customize” the home to you own taste. But if you was buying an existing home you wouldn’t get to customize it either, and with a spec home you are getting a new home.

Most Indianapolis production builders and Indianapolis custom home builders list their inventory homes with local real estate agents. I have found some builders will only list part of their spec homes with real estate agents, so you need to check with each builder to get list of their inventory homes.

The market in Indianapolis spec homes should continue to be a great alternative to building a new home into the future. Even if you have been looking at existing homes in Indianapolis area, you should consider Indianapolis spec homes.

Al Hardymon is an experienced real estate broker in the Indianapolis area. He has a 2% Indy New Home Buyer Rebates Program were you can save thousands of dollars on the purchase of your new Indianapolis home, including new spec homes. To learn more go to his website: http://www.indy-new-home-buyer-rebates.com

Source: www.isnare.com