Mike Doyle August 20, 2024
If you’re planning to sell your house and move, you probably know there’s been a shortage of options available. But here’s the good news: the supply of homes for sale has grown in a lot of markets this year – and that’s not just existing, or previously-owned, homes. It’s true for newly built homes too.
So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours – you just need to figure out what’s most important to you.
Here are some benefits of buying a newly built home right now:
In today’s market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen.
That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in today’s market is actually lower than the median price of an existing home – which isn’t usually the case. Ralph McLaughlin, Senior Economist at Realtor.com, shares:
“Homebuyers who are looking for that ‘new-home smell’ may be in a relatively friendlier market than times past when new homes were considerably more expensive than used ones.”
If you’re interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process.
Now, let’s compare that to the benefits of buying an existing home.
In addition to these lifestyle benefits, there’s strategic value to buying an existing home, too. Remember, you can always make upgrades to an existing home down the road to give it some of the latest features available. This gives you the best of both worlds: you’ll get the charm, the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, you’ll likely increase the home’s value too. An article from LendingTree explains:
“. . . they can personalize it and possibly increase its potential resale value with cosmetic upgrades . . . Plus, if a home comes with physical details or stories that add charm, in some cases, these elements are attractive enough to add to a home’s resale value . . .”
Want to see what’s available? Your real estate agent can show you what homes are for sale in your area, so you can see if there’s one that works for you and your needs.
There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but it’s essential in today’s market to understand the opportunities you can find in both. Let’s connect so you have expert guidance as you explore the options in our area.
Stay up to date on the latest real estate trends.
The newest Zillow Rental Market Report is out, and it’s showing ‘‘a softening of the rental market beyond regular seasonality.’’ Apparently, rental demand dipped doubl… Read more
With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.
No one likes making mistakes, especially when they happen in what’s likely the biggest transaction of your life – buying a home.
Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from.
As you’re getting ready to sell your house, one of the first questions you’re probably asking is, “how long is this going to take?” And that makes sense—you want to kn… Read more
Curious about where the housing market is headed in 2025?
If you’re toying with the idea of selling your house, you’re probably wondering how much it’ll cost.
Seeing your house sit on the market without any bites is the ultimate frustration. And unfortunately, some sellers are in that tricky spot today.
Should you buy a home now or should you wait? That’s a question a lot of people have these days.
For expert real estate services, reach out to Mike Doyle. Whether you're buying, selling, or renting, navigate the process with confidence. Contact him today to ensure a smooth and informed real estate journey.