Where Will You Go After You Sell?

Where Will You Go After You Sell?

If you’re planning to sell your house and move, you’re likely aware of the shortage of available options. But here’s some good news: the supply of homes for sale has grown in many markets this year, and that includes both existing, or previously-owned, homes and newly built ones.

So, how do you decide which route to go? Should you buy an existing home or a brand-new one? The choice is yours – you just need to determine 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, many builders are focusing on selling their current inventory before adding more homes to their mix. Some are offering concessions and are more willing to negotiate to make a sale happen.

Additionally, builders are primarily constructing smaller, more affordable homes, leading to another 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 exploring what local builders have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be invaluable 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 as well. Remember, you can always make upgrades to an existing home down the road to incorporate some of the latest features available. This gives you the best of both worlds: you get the charm and the neighborhood you desire, and over time, you can add on-trend elements you may see in a brand-new home. By doing so, you’ll likely increase the home’s value too. As 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 the homes for sale in your area, helping you find one that fits your needs and preferences.

Bottom Line

There are many factors to consider when deciding whether to buy an existing home or a newly built one after you sell, but understanding the opportunities available in both is crucial in today’s market. Let’s connect so you have expert guidance as you explore the options in our area.