Imagine spending a Saturday looking at three new homes around Raleigh. The first is finished, with fresh landscaping and a move-in-ready kitchen near Wake Forest. The second is under construction near Holly Springs, where the framing is up but the walls are still open. The third is a vacant builder-owned lot near Apex, where you could choose a floor plan and some of the finishes.
All three are new construction. Yet buying each one involves a different set of decisions.
The finished home offers something valuable: you can examine the actual house before committing. The unfinished home may give you an opportunity to inspect components before drywall conceals them. The build-to-order option offers more choices, but also more uncertainty about costs and completion.
Then come the incentives. A builder might advertise closing-cost assistance, discounted mortgage payments or an upgrade allowance. Those offers can be appealing, particularly when you're trying to preserve cash for moving expenses.
But what happens if construction runs late? Can you hire your own inspector? Will your deposit be returned if financing falls through? And does a mortgage incentive actually save money over the time you expect to own the home?
Buying new construction in North Carolina requires understanding not only the house you're purchasing, but also the contract, construction timeline, inspection opportunities, warranty and financing terms attached to it.
Here's how to work through those decisions before making a commitment.
Which Type of New Construction Home Fits Your Timeline?
A completed inventory home, often called a spec home, can simplify some decisions. You're examining the actual rooms rather than imagining them from architectural drawings.
You can see how much daylight reaches the kitchen, whether the backyard slopes toward or away from the house, and how the driveway connects to the street. You can also arrange a completed-home inspection if the contract permits it.
That doesn't eliminate every uncertainty. Financing, inspections and outstanding corrections may still affect closing.
A home that's already under construction offers a different balance. Some materials and finishes may be selected, but other decisions could remain open. Depending on its stage and your contract, you may have an opportunity to inspect visible framing or installed systems before the walls are finished.
With a build-to-order home on land the builder owns, you're committing earlier. You may choose the lot, floor plan, finishes and certain structural options before construction is complete.
That can be attractive if you need a home office, a particular kitchen layout or additional garage space. But every selection raises another question: Is it included in the base price, covered by an allowance or priced as an upgrade?
For a household whose current lease expires in a few months, a completed house may be the more practical choice. A household with flexible housing arrangements might prefer greater customization, even with a longer and less certain schedule.
Buying land you already own and hiring a contractor to build on it is a separate arrangement, often involving a construction contract and different financing. The discussion here concerns homes and land sold together by a builder.
Before Signing a Builder Contract, Understand What Your Money Is Buying
A model home's upgraded kitchen can make the purchase feel tangible. But the contract determines what you're actually entitled to receive.
North Carolina has standard real estate contract forms that address new construction in different ways. According to the NC REALTORS® New Construction Forms Guide, updated in July 2026, two common approaches are Form 2-T with the New Construction Addendum (2A3-T) and Form 800-T, the Offer to Purchase and Contract—New Construction.
The forms address different construction circumstances.
Form 2-T with the new-construction addendum may be appropriate when drywall is complete or the home is further along. Form 800-T is designed to address more extensive construction obligations and is generally better suited to earlier stages.
Drywall completion is a useful dividing point, but not a rigid rule. The amount of work remaining, anticipated completion time, construction funding and buyer preferences also matter.
More importantly, these are standard forms, not contracts that every North Carolina builder must use. A builder's own agreement may contain different payment requirements, inspection rights, deadlines and remedies.
That makes an attorney's review of the actual documents especially valuable before signing.
Earnest money, due diligence fees and construction fees are different
Suppose a builder asks for $10,000 to secure an unfinished home.
Your first question shouldn't be whether $10,000 is a reasonable deposit. It should be what kind of payment the contract requires and what happens to that money under different circumstances.
Under the two NC REALTORS® standard approaches, earnest money is held in escrow and may be returned to the buyer or paid to the seller according to the agreement.
Other payments work differently.
Form 2-T uses a due diligence fee and period. Its new-construction addendum can also include a building deposit. Form 800-T uses a pre-construction evaluation period and may require construction fees at specified stages.
Due diligence fees, building deposits and construction fees are generally nonrefundable except where the contract provides otherwise. Their purposes and timing differ.
Under Form 800-T, construction fees are paid to the seller and credited toward the purchase price at settlement. The published form also warns about a practical risk: even if a buyer becomes legally entitled to a refund after a material seller breach, actually recovering money already paid to the builder could be difficult if the builder cannot or will not repay it.
That is a different exposure from having earnest money held in escrow.
The name printed on a payment request matters less than the signed provisions governing it. A fee casually described as a deposit isn't necessarily refundable.
Your right to cancel depends on the agreement
Under standard Form 2-T, a buyer who has timely paid the required due diligence fee generally can terminate during the agreed due diligence period for any reason or no reason, following the contract's requirements.
Form 800-T is different.
Its pre-construction evaluation period can provide termination rights tied to selected conditions, such as obtaining financing or insurance, investigating whether subdivision streets are public or private, or receiving specified reports. Those conditions and the required notice deadlines matter.
For example, a private or not-yet-publicly-maintained subdivision street could have maintenance responsibilities that aren't immediately obvious when you tour the model home. Whether the contract provides an investigation or termination right concerning those responsibilities depends on its terms.
A pre-construction evaluation period is not simply a general opportunity to change your mind.
Before paying anything, have your North Carolina real estate attorney and broker explain what happens if your loan is denied, construction is delayed, the builder defaults or you decide not to proceed.
Ask who holds each payment, when it's due, whether it's credited toward the price, what refund conditions exist and precisely how any termination notice must be delivered.
Don't assume a builder-drafted agreement provides the same rights as a standard resale contract. For broader context, see making an offer on a North Carolina home.
Make Sure the House in the Contract Matches the House You Expect
A model home near Apex might show quartz countertops, upgraded cabinets, decorative lighting and a covered patio. The base floor plan may include none of those upgrades.
The difference isn't necessarily deceptive. Model homes often demonstrate available options. The problem comes when a buyer assumes those visible features are included without confirming the actual specifications.
Before signing, compare the sales presentation with the contract attachments.
Confirm the lot, floor plan, elevation, structural options, materials, appliance package, landscaping, driveway and other site improvements. Ask whether your selected lot carries a separately priced premium above the advertised base price, and make sure any lot premium is included in the contracted total. Find out which features are included, which are allowances and which require additional payment.
If the builder advertises a $5,000 appliance allowance, for example, determine which appliances qualify and what happens if your selections exceed the allowance.
Also ask how substitutions are handled. If the selected flooring becomes unavailable, can the builder substitute another product? Who approves it? Does the price change?
For a build-to-order home, changes should be documented in signed change orders identifying the work and any price or schedule consequences. Form 800-T includes written change-order provisions, but another builder's procedures may differ.
The lot deserves equal attention. A finished backyard in a model home doesn't tell you whether the property you're buying includes sod, fencing, particular grading or the same landscaping.
If the home is in a planned community, investigate the HOA fees and rules before committing. Restrictions on fences, parking, architectural changes and future improvements can matter long after construction is complete.
The purpose of reviewing these details isn't to eliminate every potential change. It's to know which changes require your agreement and how they affect the home you'll ultimately receive.
Can You Arrange Your Own New Construction Inspections?
One of the most useful opportunities in an unfinished home is the chance to see work before it's covered.
Imagine standing inside a home near Holly Springs while its walls are still open. You can see framing, installed plumbing lines, electrical wiring and other construction components.
A few weeks later, insulation and drywall may conceal much of that work.
That's why buyers often consider a pre-drywall inspection.
North Carolina's Home Inspector Licensure Board adopted a specific pre-drywall standard, 11 NCAC 08 .1117, effective June 1, 2026. Under the current inspection rules, the inspection focuses on readily visible and accessible installed systems and components at that stage of construction.
The licensed inspector's written agreement and report identify the scope, observed defects or concerns, limitations, uninspected components and recommendations for further evaluation.
A pre-drywall inspection can provide valuable information, but it isn't a complete assessment of a finished home.
An HVAC component might not yet be installed. Certain plumbing or electrical systems might not be ready for testing. Future drywall, roofing, flooring and finish work cannot be evaluated before it's completed.
An inspector also cannot guarantee that concealed conditions are defect-free or that later construction will be performed correctly.
Inspection access needs to be arranged in advance
An active building site isn't the same as an occupied resale home.
Builders coordinate subcontractors, deliveries, equipment and potentially hazardous work. Buyers should not assume they can enter whenever they choose or bring an inspector without following the required procedures.
The NC REALTORS® standard new-construction forms provide for inspections with reasonable access, at reasonable times and without interfering with construction. A builder's separate agreement may have different access provisions.
The state inspection standard itself does not create an unrestricted buyer right to enter the jobsite.
Before signing, establish whether independent inspections are permitted, which phases are accessible, how much notice is required and whether there are safety or insurance requirements.
If a pre-drywall inspection is important to you, the builder needs to know before that construction stage passes.
A useful inspection sequence, when available under the agreement, includes an inspection of visible work before concealment, a completed-home inspection before closing and a follow-up to verify significant corrections.
If you're buying a completed inventory home, you may have missed the opportunity to examine concealed framing or rough-in work. Ask the inspector what can still be evaluated and which limitations should appear in the report.
What happens if the inspector finds a defect?
The next step depends on the actual contract.
An inspector might identify an improperly supported component, an installation concern or evidence suggesting a need for specialist evaluation.
But the inspection report doesn't automatically amend your agreement or create an obligation to complete every recommendation.
Ask how the builder receives the findings, how required corrections are determined, whether responses will be documented and when a follow-up inspection can occur.
Where the applicable contract requires written notice of substantial construction deviations, follow that process. Don't rely solely on a conversation during a walkthrough.
The distinction between identifying a problem and obtaining a contractual correction becomes especially important as closing approaches.
A Certificate of Occupancy Doesn't Mean the House Is Perfect
As construction nears completion, a builder may tell you that the home has passed its government inspections and received a Certificate of Occupancy.
That's significant progress. But what exactly does it establish?
A Certificate of Occupancy, commonly called a CO, relates to approval for lawful occupancy under the applicable building requirements.
Government inspectors evaluate construction and required systems within their code-enforcement responsibilities. Your independent inspector examines the home's observed condition under a different scope.
Those functions overlap, but they aren't interchangeable.
A new home can receive occupancy approval while still needing paint touchups, cabinet adjustments or other workmanship corrections. The CO also doesn't guarantee that a hidden problem will never appear.
For a home within Raleigh's jurisdiction, the city's Certificate of Occupancy guidance, updated October 12, 2026, explains the approval process following required inspections. Raleigh also provides a way to review relevant records through its permit portal.
Not every Wake County property falls under Raleigh's administrative procedures. A home in Cary, Apex, Wake Forest or an unincorporated area may involve a different permitting authority. Confirm which government office has jurisdiction over the actual parcel.
And if a builder announces that the CO is expected next Friday, don't treat that estimate as permission to move in.
The approval must actually be issued, and your contractual completion, lender and closing requirements must also be satisfied.
The Punch List: What Must Be Finished Before Closing?
Picture your final walkthrough. The kitchen cabinets are installed, the appliances are in place and the house is largely finished.
Then you notice several issues: chipped trim near the staircase, a poorly aligned cabinet door and a section of paint that needs attention.
Those may become punch-list items—documented work requiring correction.
A punch list isn't the same as a full inspection report, and ordinary finish corrections aren't necessarily treated the same as substantial construction defects.
The distinction can determine whether an issue must be resolved before settlement.
In the publicly posted July 2026 marked-up Form 800-T example, substantial completion requires the home to be habitable and broom-clean, with a Certificate of Occupancy issued and delivered to the buyer, and only punch-list items remaining.
Under that form, failure to correct an ordinary punch-list item after substantial completion does not, by itself, justify delaying settlement. The seller still owes the correction.
Separately required corrections arising from inspections or substantial noncompliance may be treated differently and can affect settlement under the form's provisions.
That does not mean every defect gives a buyer an automatic right to delay closing. The classification of the problem, contractual obligations, notice requirements and applicable remedies all matter.
Suppose the issue is a cabinet door that needs adjustment. That may be manageable after closing with a written correction commitment.
Now suppose an independent inspector raises a significant concern about water intrusion or a system's proper functioning. That's a different problem requiring investigation, and possibly specialist evaluation, before you determine whether the home is ready for settlement.
For every unresolved item, document the location, work required, responsible party, expected completion date, access arrangement and verification procedure.
Ask whether the remaining work is consistent with lawful occupancy, your signed contract and your lender's requirements.
Don't unilaterally withhold funds or assume you can postpone closing. If an escrow or other post-closing repair arrangement is being considered, have your attorney and lender review it.
For more context, negotiating repairs after a North Carolina home inspection explains the broader repair discussion. Remember that new-construction agreements may treat inspection findings and corrections differently from standard resale contracts.
What if Construction Runs Past Your Expected Move-In Date?
Return to the household comparing new homes around Raleigh.
Suppose their rental lease ends June 30. They've selected a house under construction, and the builder estimates that it will be ready by mid-June.
They schedule movers and start planning the transition.
Then construction slips into July.
Now the problem isn't just waiting for a house. It's deciding where to live, where to store belongings and how to handle additional housing costs.
A buyer selling an existing home could face a different problem: coordinating the sale and purchase without assuming both closings will occur on the expected dates.
Delays can also affect homeowners insurance, loan documentation and the mortgage rate lock.
A rate lock generally protects specified mortgage pricing for an agreed period, subject to its conditions. If the home isn't ready before the lock expires, an extension may be available, but additional costs or changed terms can apply.
The builder's estimated completion date, the contractual completion deadline, substantial completion, settlement, completed closing and possession are not necessarily the same event.
In the Form 800-T example, settlement means the required documents have been executed and delivered to the closing attorney and the necessary funds have been paid. Closing completes the legal transfer of title after additional steps, including a satisfactory title update, authorization to disburse funds and recording the deed. Under that form, possession—including keys and access codes—ordinarily follows closing unless the written agreement provides otherwise.
That means signing documents at the attorney's office, or receiving a Certificate of Occupancy, doesn't by itself guarantee that closing is complete or that you can move in. Check your signed agreement and coordinate the actual closing and possession arrangements with your attorney, lender and builder.
Read the provisions addressing permitted delays and extensions. Ask how much notice you'll receive if the construction schedule changes.
Then ask the lender whether the rate can remain locked through the projected closing date, what an extension would cost and who is responsible for it.
Some builder incentives may also depend on closing by a particular deadline. If that deadline is missed, you need to know whether the incentive remains available.
A flexible moving plan can reduce the pressure to accept unfinished work or make a rushed financing decision simply because you've already scheduled a moving truck.
What Does the Builder Warranty Actually Protect?
A warranty is often presented as a major advantage of buying a new home.
But a builder warranty is only as useful as the coverage and claim procedures it actually provides.
North Carolina does not impose a universal requirement that every builder give buyers the same one-year express written warranty.
As NC REALTORS® explains in its construction warranty guidance, standard new-construction forms can contain a limited written construction warranty, while a builder may provide different written terms.
North Carolina law may also recognize a limited implied warranty for qualifying original buyers of recently completed or under-construction dwellings sold by someone in the residential construction business. The protection concerns latent construction defects and is not unlimited.
Your attorney should review any warranty substitutions, exclusions, waivers or dispute provisions in the actual agreement.
Read the coverage before the house is finished
The Federal Trade Commission's guide to new-home warranties explains that coverage periods and exclusions vary.
Some warranty programs distinguish among workmanship, building systems and structural components. Marketing materials may describe one-, two- and ten-year coverage categories, but those periods are not a mandatory North Carolina warranty package.
Appliances and other equipment may carry separate manufacturer warranties. A separately purchased home service contract is not the same as the builder's construction warranty.
Review who handles each type of problem, how long the coverage lasts and what costs are excluded. For example, some warranties do not cover the household's temporary living expenses while major repairs are performed.
Also find out whether claims require written notice, whether the builder gets an opportunity to inspect the problem and whether disputes must follow mediation or arbitration procedures.
After moving in, keep a file containing your signed agreement, final specifications, inspection reports, punch lists, repair records and warranty documents.
If a possible defect develops, document it and submit notice through the required process within the applicable period.
A follow-up inspection before a warranty period expires may help identify visible concerns. It does not extend the warranty or guarantee that a claim will be accepted.
The point is to understand what protections survive closing rather than assuming the word warranty answers every question.
How Much Is a Builder Mortgage Incentive Really Worth?
A financing incentive can be genuinely valuable. It can also be difficult to compare with an ordinary mortgage quote.
Imagine a hypothetical $450,000 new home. The builder advertises $15,000 toward eligible closing costs when the buyer uses a designated lender.
The buyer also obtains an offer from an outside lender without that builder credit.
At first glance, the preferred lender's offer looks better because $15,000 is a substantial sum.
But suppose the two lenders quote different interest rates, origination charges or discount points. A larger upfront credit doesn't necessarily mean a lower total borrowing cost.
The right comparison depends on your cash needs, monthly budget and how long you expect to keep the mortgage.
Compare Loan Estimates on the same assumptions
The Consumer Financial Protection Bureau recommends comparing multiple Loan Estimates. A Loan Estimate is a standardized disclosure showing the mortgage terms and costs a lender expects to offer. It isn't a loan approval or a guarantee that financing will be available at closing.
Where possible, ask lenders to price the same home, loan amount, down payment, mortgage program and quote date, with comparable rate-lock assumptions.
Review the note rate—the actual contractual mortgage interest rate—along with the annual percentage rate (APR), principal-and-interest payment, mortgage insurance, lender charges, discount points, credits and cash required at closing. APR expresses interest and certain loan charges as an annualized borrowing-cost measure, making it useful for comparing loan offers. It's different from the note rate and doesn't represent every loan expense or your full housing payment.
You should also consider property taxes, homeowners insurance and HOA dues when calculating the full housing payment.
Those costs matter to your budget, but a difference between lenders' preliminary property-tax or insurance estimates doesn't establish that one lender offers a cheaper loan.
The Loan Estimate contains a useful five-year comparison on page three. Subtract the principal paid from the estimated total paid in five years to compare interest and fees under the stated assumptions.
If you expect to sell or refinance earlier, evaluate that shorter holding period too. A five-year estimate cannot tell you the exact outcome of a three-year mortgage.
For an introductory buydown, separately review the subsidized payments and the payment after the subsidy expires.
You can use the CFPB's guide to requesting and comparing Loan Estimates and the HomesRaleigh explanation of closing costs in Raleigh to understand the expenses involved.
The complete comparison should also account for deposits you've already paid, remaining cash needed, incentive restrictions and any rate-lock extension charges.
Temporary and Permanent Rate Buydowns Are Very Different
The word buydown appears in many mortgage incentive discussions, but it can describe two distinct arrangements.
One reduces your payments temporarily. The other reduces the contractual interest rate through an upfront pricing arrangement.
Confusing them can make a home look more affordable than it will be after the introductory period.
How a temporary 2-1 buydown works
Consider a hypothetical 30-year fixed-rate mortgage with a 6.5% note rate.
A traditional 2-1 temporary buydown provides a subsidy so the borrower's principal-and-interest payments are calculated as though the rate were two percentage points lower in the first year and one percentage point lower in the second.
The payment pattern would look like this:
| Period | Rate used to calculate the subsidized principal-and-interest payment |
|---|---|
| First year | 4.5% |
| Second year | 5.5% |
| Third year onward | 6.5% |
The 6.5% note rate in this example is hypothetical, not a current lender quote.
The mortgage's contractual note rate doesn't actually decline to 4.5% or 5.5%. The buydown funds temporarily subsidize the payments required under the note.
Under the applicable Fannie Mae temporary buydown guidelines, qualifying borrowers are evaluated using the actual note rate rather than the lower introductory payment rate. Other mortgage programs may have different requirements.
For the household planning its budget, the most important question is whether the full payment remains affordable when the subsidy ends.
Taxes, homeowners insurance, mortgage insurance and HOA dues are separate from the subsidized principal-and-interest calculation and can change.
A 2-1 buydown is not a two-percent reduction in the purchase price. Nor should you assume you'll be able to refinance before the regular payment begins.
How a permanent rate buydown works
A permanent buydown generally involves discount points paid upfront to obtain a lower contractual interest rate. You might pay those points yourself, or a builder might fund them as an incentive, subject to the applicable loan program's contribution rules.
One discount point equals 1% of the loan amount.
On a $400,000 mortgage, one point costs $4,000.
That doesn't mean the rate automatically falls by one percentage point. The actual reduction depends on the lender's pricing and the loan.
For a fixed-rate mortgage, the lower note rate obtained through points generally continues for as long as that loan remains in effect.
When you pay additional discount points yourself, the tradeoff is more money upfront for lower future payments. Whether you recover that incremental buyer-paid expense depends on how much the payment falls and how long you keep the mortgage.
If you expect to relocate or refinance after a few years, the savings may not cover the extra points you paid. If you retain the mortgage much longer, the cumulative savings could be more meaningful.
When the builder funds the points, you don't necessarily have that same upfront expense to recover. But the incentive isn't automatically free value, either. Compare the full purchase price, loan terms, other available incentives and competing lender offers. A builder-funded rate reduction may be worthwhile, but its value depends on the entire transaction and what alternatives you're giving up.
The CFPB explains how discount points and lender credits work. Lender credits may reduce upfront costs in exchange for a higher rate, depending on the offer.
Ask for the actual loan pricing with and without points, including who pays for them and what other incentives are available, rather than relying on a general promise of a discounted rate.
A $15,000 Credit Isn't the Same as $15,000 in Cash
Builder incentives can take several forms. A closing-cost credit, price reduction, upgrade package and mortgage rate subsidy all have different financial effects.
A closing-cost credit may reduce eligible expenses that the buyer would otherwise pay at settlement. A price reduction changes the negotiated cost of the property. An upgrade allowance provides specified construction features or selections, subject to its terms.
The differences matter when determining how much cash you still need.
Under Fannie Mae's interested-party contribution rules, builders and sellers are interested parties whose contributions are subject to financing rules and limits.
For applicable Fannie Mae loans, those contributions cannot simply be used for the buyer's required down payment, lender-required reserves or minimum borrower contribution. Reserves are funds the lender requires you to keep available after closing. A minimum borrower contribution is the amount the loan program requires you to provide from eligible buyer funds rather than seller or builder assistance.
The amount of permitted assistance depends on the transaction and the program requirements. If your eligible closing expenses are lower than the advertised credit, you shouldn't assume the unused amount will be handed back to you.
Your lender must confirm how the contribution can be applied.
Also confirm whether a particular incentive requires the builder's preferred lender, when it expires, what qualifications apply and whether it can be combined with other offers.
For a home still under construction, the deadline deserves special attention. An incentive tied to a closing date may become less valuable if delays cause the rate lock or promotion to expire.
Neither a preferred lender nor an independent lender is automatically the better choice. The value emerges only after comparing the written, available terms for your actual transaction.
What to Confirm Before You Commit to a New Construction Home
The decisions become more manageable when you address them at the stage when you still have meaningful choices.
- Before signing: Have your attorney and broker review the actual builder agreement. Confirm the specifications, purchase price, deposits, selected contingencies, refund rules, inspection access, construction deadlines, warranty and written incentives. Compare initial lender terms before choosing financing.
- During construction: Track selections and signed change orders. Arrange any permitted pre-drywall inspection before work is concealed, and document construction concerns through the contract's required process.
- Before closing: Verify occupancy approval with the correct jurisdiction, arrange the permitted completed-home inspection, review the punch list and outstanding corrections, confirm lender requirements, and check the final financing terms and rate lock.
- After moving in: Retain the final documents, warranties and repair correspondence. Report potential defects promptly through the required written claims procedure, and consider an inspection before important warranty coverage expires.
These steps won't eliminate every risk. Construction can still be delayed, a hidden defect can emerge, and financing conditions can change.
But they put the critical questions in front of you when the answers can still affect your decision.
The Right New Construction Purchase Depends on More Than the Floor Plan
A completed home near Wake Forest might offer a shorter and more predictable path to moving in. An unfinished home near Holly Springs might provide useful inspection opportunities before the walls are closed. A build-to-order home near Apex might let you select features that better fit your household.
None is automatically the better purchase.
The meaningful comparison is between the home you expect to receive, the money and time you're committing, the inspection access and contractual protections available, and the total cost of financing.
A beautiful kitchen doesn't resolve a risky deposit provision. A Certificate of Occupancy doesn't replace an independent assessment of condition. A builder warranty doesn't necessarily cover every defect. And a large mortgage incentive isn't automatically the cheapest financing option.
Those differences are easy to overlook when the house is new and the sales presentation is polished. They're also the details that can shape your experience long after the model-home tour.
For more on the broader transaction, see the North Carolina home-buying process. If you're comparing new-construction properties in Raleigh or the Triangle, you can also contact Raleigh Realty to discuss the contract, inspection and financing questions worth resolving before making an offer.
Conceptual illustration of a North Carolina home with unfinished framing, representing the decisions involved in buying new construction. The image features the headline “BUYING NEW CONSTRUCTION” and Raleigh Realty branding; it does not depict an identified property.