As a new construction home buyer, you will no doubt be interfacing with the Regional Multiple Listing Service (RMLS) at some point. This RMLS database is a detailed breakdown of every home for sale in Clark County. There are literally hundreds of categories to search by ranging from the basics like Number of Bedrooms, to the more obscure like Distance to Public Rail.
As a new construction buyer the search criteria that will effect you the most is the Year Built Description. Unlike the basic Year Built(example: 2007), the Year Built Description is much more about the different stages in the construction process. The most basic of these categories is New. This simply means that the home is newly built and ready to move into, often referred to as “move in ready”. When you see a listing labeled as new, it is pretty self explanatory and an offer can be made at that time.
The next category is a bit more complicated and it is called Under Construction. This can be a little challenging to navigate since a home that is under construction can be anywhere from a few days from completion to several months out. Since under constriction can mean anything from foundation placement to final landscaping, it can be challenging to keep up with the different stages of a build and therefore more difficult to make an offer.
The last category is Proposed. This is the category that gives most buyers difficulty. This category is simply a building lot combined with a floor plan that will fit on that lot. In many cases, this is just a placeholder for the listing agent to show what is coming to a community. In some instances a permit may have been applied for and the proposed home is the one that must be built. In other situations, the plan can be changed to a different layout to meet the needs of the buyer. If you are looking for the ultimate flexibility and have the time to wait on construction, this category may be a great place to search.
The key to navigating the purchase of a new construction home is to work with a buyers agent that has experience with this process. You will save yourself a lot of headaches this way.
I hope this helps clear up some of the confusion.
Have a great day, Joe