When homebuyers begin their research, they want to see all their available options! In many cases, they will include both new construction and existing homes in their search; but is a new construction home really the house of their dreams?
According to a recent survey by Zillow, of the 38% of total buyers that added new construction to their list, only 11% ultimately purchased a newly constructed home!
They added that 71% of these buyers are repeat buyers who are financially secure, with 45% using the money from the sale of their previous homes to make a purchase.
Below are some reasons why buyers are interested in purchasing a new build:
- Everything in the house is new/never used (49%)
- To be close to family (41%)
- The home is the best value for their money (37%)
- Appealing home features (34%)
- Desirable location (34%)
So, then why did most of the buyers surveyed choose not to purchase a new home?
Buyers could not find new construction in the desired neighborhood, and some felt that new construction is not established (e.g., landscaping, community, neighbors).
Buyers face the end of a lease or sale of their previous property and could not wait for a house to be built.
Some buyers felt that new construction base prices were deceiving. Adding upgrades and HOA fees no longer made the home fit in their price range.
For some buyers, new construction homes are too “cookie cutter,” and models are limited. Others feel that the charm and uniqueness of an existing house trumps one that’s never been lived in.
Not all buyers are looking for a newly built house! There are many buyers looking for “the charm and uniqueness” of an existing home. If you are considering selling your house, don’t wait! Let’s get together to come up with a plan to feature the charming details of your house to future buyers.
Begin Your Own Home Search:
Are you ready to begin searching for your Denver area home? It’s a great time, we have more inventory than we did the past few years. I encourage you to explore homes currently on the market to get a feel for the types of homes, locations, and price points. My Denver real estate blog has loads of useful information for home buyers trying to figure out what they want to do. And of course, please call me, or send me an email / text, to discuss your next home.
Also, if you are considering new construction, remember the builder’s real estate agent represents their best interest, not yours. There is no cost for you to have an agent represent you. In fact, I may be able to help you save money and negotiate for extras which the builder may not let you know about.
Considering Selling Your Home?
If you are looking to sell a home in the Denver area, I encourage you to work with a real estate agent who has the experience and knowledge to provide an accurate market comparison so you can determine the right asking price. The market is more balanced now and your asking price is an important component of your selling strategy. Contact me today to learn how your home stacks up against the competition and how we can position your property to sell quickly and for a fair price.