If you’re getting ready to sell your house and make a move, you might have noticed that there haven't been many options on the market lately. The good news is that this year, many areas are seeing an increase in the number of homes for sale. This includes not only existing homes but also newly built ones.

Deciding between buying an existing home or a brand-new one can be challenging. Ultimately, it comes down to what matters most to you. Consider factors like location, features, and maintenance. Take the time to prioritize your needs to make the best choice for your situation.

Perks of a Newly Built Home

Here are some advantages of purchasing a newly constructed home at this time:

• Enjoy brand-new appliances and materials that have never been used before.

• Consider using energy-efficient options to cut costs and reduce your environmental impact.

• You can also reduce the chances of repairs and take advantage of builder warranties.

• Don’t overlook the builder concessions that can assist with affordability.

A lot of builders in today's market are prioritizing selling their existing homes before they add new ones. Many are also being flexible with concessions and showing a greater willingness to negotiate to close a sale.

Builders are focusing more on smaller, more affordable homes lately, and that has led to an interesting benefit. Right now, the median price of a newly built home is lower than that of an existing home, which is something you don't often see. Ralph McLaughlin, Senior Economist at Realtor.com, notes this trend.

“ “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.”
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— Ralph McLaughlin, Senior Economist at Realtor.com

If you want to check out what builders in your area have for you, rely on your real estate agent. They know the local builders, new communities, and the ins and outs of builder contracts, which will be really helpful in this process.

Perks of an Existing Home

Let's look at the advantages of purchasing an existing home.

• Explore a well-established neighborhood where you can truly get a sense of the community before making your move.

• Select from a broader range of floor plans and styles.

• Embrace the unique character that comes with a home that has history.

• Savor the privacy and attractive curb appeal offered by mature trees and landscaping.

Buying an existing home offers both lifestyle advantages and practical benefits. You have the option to make upgrades later on, allowing you to incorporate the latest features as they become available. This approach lets you enjoy the charm of the neighborhood while gradually adding modern elements you might find in a new build. Plus, these updates can potentially increase the value of your home over time. 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 . . .”
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— LendingTree

Looking to explore what's on the market? Your real estate agent can help you find available homes in your area, allowing you to discover options that fit your needs.

Bottom Line

When it comes to choosing between an existing home and a newly built one after selling your current place, there are many factors to consider. It's important to understand the opportunities available for both options in today’s market. Let’s connect so you can get expert guidance as you explore what's out there in our area.