Good news for Homeowners: Buyers now prefer Existing Homes
Buyers are now shifting their preferences back to existing homes from new construction.
According to the latest Consumer Confidence Survey, it reveals that the percentage of buyers planning to buy and buying a newly constructed home has lowered.
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.
If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to this year. This might be the time to contact a local real estate professional to discuss the possibility.
Looking for a professional real estate agent? Call/text Sofi Hirani
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