In March, NAHB Builder Books released their latest “What Home Buyers Really Want” survey, revealing that more than 60% of 2020/2021 homebuyers were more interested in new construction homes, as opposed to already existing homes. However, there was a significant change in this trend throughout the summer, confirmed by the most recent Consumer Confidence Survey, as well as the latest Housing Trends Report.
The reports show that, while the percentage of Americans planning to buy a home within the next 6 months has remained the same as the reports from March, there has been a significant shift in what homebuyers are looking for. And, luckily for homeowners, it’s been a shift in favor of pre-existing homes.
What caused this shift?
While there are many reasons that could have caused this shift to occur, there are a couple that seems to be the most prevalent:
- There are fewer hidden and unexpected financial hits throughout the process – When you’re building a new home, there is quite a bit more that goes into it than many people realize they’re signing up for. With any market, the cost of land, lumber, and even labor, can fluctuate from one day to the next, leaving the future homeowners feeling like they’re on a rollercoaster of fluctuating costs. When you choose the path of closing on a pre-existing home, there should be no surprises once negotiations are finalized leading up to the closing.
- It tends to be a quicker process, overall – More likely than not, you’ll experience at least a couple of hiccups along the way when building a new construction home. With these hiccups comes a long process that can grow frustrating. While there are few guarantees as far as a timeline is concerned when building a new home, there is a to-the-point schedule when closing on a pre-existing home.
- There is more convenience allotted to the homebuyers – Convenience has once again become key and, while many prospective buyers enjoy the flexibility of designing and decorating their new home, the trend shows that more and more, buyers are preferring to once again search for the perfect home that is more move-in ready. Items such as appliances are costly and often included in pre-existing homes, whereas the buyers have to add that to their “to buy” list when building a new home. Also, there are limited lots available when choosing where to build a new home. If you have a particular school or neighborhood in mind, buyers are more likely better off finding an already built home listed for sale.
At the end of the day, the bottom line is this: it continues to be an ideal time for homeowners to list their homes to the market if they’re looking to move. It’s no secret that we have been witnessing one of the greatest “seller’s markets” in decades since the beginning of 2020 and, now that buyers are increasingly more interested in pre-existing homes, it has become even more ideal for homeowners to list their homes now in Council Bluffs and Omaha!
Whether you are looking for a GREAT pre-existing home or choosing to build a new one, start here to find the perfect location and property! https://www.robwashburnrealestate.com/homes-for-sale-search/
