From Your President of the Pee Dee REALTOR ® Association Amy McCalman Kirby
Where Will You Go After You Sell ?
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 .
Perks of a Newly Built Home
Here are some benefits of buying a newly built home right now :
• Have brand new everything with never-been-used appliances and materials
• Use energy efficient options to save money and leave a smaller footprint
• Minimize the need for repairs and benefit from builder warranties
• Take advantage of builder concessions that can help with affordability
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 REALTOR . Their knowledge of local builders , new communities , and builder contracts will be important in this process .
Perks of an Existing Home
Now , let ’ s compare that to the benefits of buying an existing home .
• Join an established neighborhood that you can get a feel for before moving in
• Choose from a wider variety of floorplans and styles
• Appreciate the lived-in charm that only an older home can provide
• Enjoy the privacy and curb appeal of mature trees and landscaping
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 REALTOR 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 .
Bottom Line
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 . Connect with a local REALTOR so you have expert guidance as you explore the options in our area .
10 - REAL ESTATE WEEKLY www . peedeerealestateweekly . com Equal Housing Opportunity