In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift Towards New Construction, which reported:
“60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.”
However, it seems buyers are now shifting their preferences back to existing homes.
The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.
NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings:
Why the shift?
There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:
- The process may move faster. Builders may not be able to guarantee when the house will be complete and ready for move-in due to supply chain challenges with materials like lumber and appliances. If you buy an existing home, not only is it ready, it also likely has a refrigerator, range, and other necessary home appliances already.
- There are no unexpected costs during the buying process. With the price of land, labor, and lumber being so volatile, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, the final price you will pay is negotiated upfront.
Bottom Line
If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to earlier in the year. This might be the time for us to connect to discuss the possibility.
Check out our Beautiful Listings at https://www.davesalaskahomes.com/results-gallery/?userID=all
Search for homes easily at www.DavesAlaskaHomes.com
Get your home’s estimated value instantly at www.DavesAlaskaHomeValues.com
| If you or anyone you know has ANY thoughts of buying or selling real estate in 2021, lets connect to talk about the opportunities available in our market and how to reach your goals. __________________________________________________________ LET US BE YOUR TRUSTED GUIDE Call or text Dave now at 907-863-7289 Call or text Travis now at 907-575-6779 |
| davesalaskahomes@gmail.com http://www.DavesAlaskaHomes. com |