Friday, July 22, 2022 / by Laura Larson
You Can Get That Lived-in Charm by Purchasing an Existing Home
Danielle Hale, Chief Economist for a realtor, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today: “Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much-needed options. We’ve seen more homes come up for sale this year compared to last year...”
Purchasing an existing home has several advantages. Many buyers want to buy a home with history, and the character of older homes is difficult to replicate. Existing homes are frequently part of an established neighborhood with mature landscaping that can provide additional privacy and boost curb appeal.
Furthermore, timing can be an issue. Rather than building a new home and waiting for construction to finish, you can move in according to the timeline you agree on with the sellers if you buy an existing home. This is something to keep in mind, especially if you need to relocate quickly.
Remember that, even though more sellers are listing their homes, the overall supply remains low. That means you'll have more options to choose from when looking for your next home, but you'll still need to be prepared for a fast-moving market.
Purchasing a Newly Built or Under Construction Home Means Brand New Everything
Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built.
When you build a new home, you can design your ideal living space and tailor it to your needs. This could include anything from requesting energy-efficient options to specific design features. You'll also get brand new appliances, windows, roofing, and other features. All of these can help reduce your energy costs, which can add up to significant savings over time.
Another significant advantage of a newer home is the lower maintenance. When you buy a new house, you won't have to deal with as many minor repairs, such as leaking faucets, painting shutters, and other odd jobs around the house. In addition, with new construction, you'll have warranty options that may cover a portion of your investment for the first few years.
Keep in mind, that purchasing a new home could mean waiting a considerable amount of time before you can move. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains: “New single-family home inventory remained elevated at a 7.7 months’ supply...however, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”
This is an important consideration in your decision, which you should discuss with a trusted real estate advisor. They will assist you in considering all of the advantages and disadvantages of both new and existing homes in order to make the best decision.
With the supply of available homes for sale increasing, you have options for your next home regardless of your preferences. If you have any questions or need assistance deciding what is best for you, contact Laura Larson and begin the conversation right away.