Where Will You Go After You Sell?

If youre planning to sell your house and move, you probably know theres been a shortage of options available. But heres the good news: the supply of homes for sale has grown in a lot of markets this year and thats not just existing, or previously-owned, homes. Its true for newly built homes too.

So how do you decide which route to go? Do you buy an existing home or a brand-new one? The choice is yours you just need to figure out whats 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 todays market, a lot of builders are focusing on selling their current inventory before they add more homes to their mix. And some of them are offering concessions and are more willing to negotiate to make a sale happen.

That, coupled with the fact builders are primarily building smaller, more affordable homes, has led to one other potential perk. The median price for a newly built home in todays market is actually lower than the median price of an existing home which isnt 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 youre interested in seeing what builders nearby have to offer, lean on your real estate agent. Their knowledge of local builders, new communities, and builder contracts will be important in this process.

Perks of an Existing Home

Now, lets 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, theres strategic value to buying an existing home, too. Remember, you can always make upgrades to an existing home down the road to give it some of the latest features available. This gives you the best of both worlds: youll get the charm, the neighborhood, and over time, you can still add those on-trend elements you may see in a brand-new home. And if you do, youll likely increase the homes value too. 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 homes resale value . . .

Want to see whats available? Your real estate agent can show you what homes are for sale in your area, so you can see if theres one that works for you and your needs.

Bottom Line

There are a lot of factors that go into deciding whether to buy an existing home or a newly built one after you sell, but its essential in todays market to understand the opportunities you can find in both. Work with a local housing market professional so you have expert guidance as you explore the options in your area.