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 limited options available. However, there’s some good news: the supply of homes for sale has increased in many markets this year, including both existing homes and newly built ones.

So, how do you decide between an existing home and a brand-new one? The decision is yours, and it comes down to what matters most 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 concentrating on selling their current inventory before they start adding more homes to their projects. To make sales happen, some builders are offering concessions and showing greater flexibility in negotiations.

Additionally, builders are focusing on constructing smaller, more affordable homes, which has led to an interesting trend: the median price of a newly built home is currently lower than that of an existing home—an unusual situation. Ralph McLaughlin, Senior Economist at Realtor.com, notes this shift.

 “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 curious about what local builders have to offer, it's a great idea to rely on your real estate agent. Their expertise in the area, familiarity with new communities, and understanding of builder contracts will be invaluable as you navigate 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

Alongside these lifestyle advantages, there's also strategic value in purchasing an existing home. Keep in mind that you can always make upgrades later to incorporate some of the latest features available in new homes. This approach allows you to enjoy the charm and established neighborhood of an older home while gradually adding modern touches. As a bonus, these improvements could increase your home's value over time. 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 . . .”

Curious about what's on the market? Your real estate agent can help you explore the homes available in your area to find one that fits your needs.

Bottom Line

Deciding between an existing home or a newly built one after you sell involves many factors. In today's market, it's crucial to understand the opportunities available in both options. Let's connect so you can get expert guidance as you explore what's out there.