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Where Will You Go After You Sell Your Home?

Selling your home can be an exciting adventure, but it often raises the big question: Where will you go next? For many homeowners looking to sell and move, the prospect of finding the right new home might seem daunting due to the well-known shortage of available options. However, the landscape is shifting. This year, many markets have seen an increase in the number of homes for sale, and that includes both existing homes and newly constructed ones.

So, which path should you take? Should you invest in a charming existing home, or go for a shiny, brand-new one? The decision is yours, and it hinges on what matters most to you in your next home.

Benefits of Buying a Newly Built Home

If you're considering purchasing a newly built home, here are some compelling advantages to keep in mind:

1. Brand New Everything: Enjoy the luxury of being the first to use brand-new appliances, materials, and finishes in your home.

2. Energy Efficiency: New homes often come with modern, energy-efficient options that can help you save on utility bills while reducing your carbon footprint.

3. Minimal Repairs: With everything being new, you’ll face fewer maintenance issues and enjoy peace of mind with builder warranties.

4. Builder Incentives: Builders are currently eager to sell their existing inventory and are often willing to offer concessions and negotiate deals to make sales happen. This can make buying a new home more affordable.

Interestingly, the trend towards building smaller, more affordable homes means that the median price of newly built homes is often lower than that of existing homes. Ralph McLaughlin, Senior Economist at Realtor.com, notes:

"Homebuyers who are looking for that 'new-home smell' may find a friendlier market now, as new homes are often more competitively priced compared to existing ones."

Curious about what new homes are available in your area? Your real estate agent can provide valuable insights into local builders, new communities, and the ins and outs of builder contracts.

Advantages of Purchasing an Existing Home

On the flip side, there are many appealing reasons to consider an existing home:

1. Established Neighborhoods: Buying an existing home often means moving into a well-established neighborhood, giving you a sense of community and familiarity before you even settle in.

2. Variety of Styles: Existing homes offer a wide array of architectural styles and floor plans, allowing you to find something truly unique and suited to your taste.

3. Lived-in Charm: Older homes come with character and charm that newer homes might lack, from intricate woodwork to vintage fixtures.

4. Mature Landscaping: Many existing homes boast mature trees and landscaping that offer privacy and curb appeal, something that can take years to cultivate in a new home.

Beyond these lifestyle benefits, existing homes offer strategic advantages. You can always update and personalize an older home with modern features, merging the charm of the past with contemporary trends. Such upgrades not only enhance your living experience but can also increase the resale value of your home. As an article from LendingTree highlights:

“. . . 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 . . .”

If you're interested in exploring existing homes, your real estate agent is your best ally, providing access to a comprehensive list of available homes that meet your criteria.

Conclusion

Deciding whether to buy an existing home or a newly built one after selling your current property involves careful consideration of various factors. Understanding the unique opportunities each option presents is crucial in today's market. Let’s connect so you have expert guidance to explore the available choices in our area, helping you find the perfect place to call home.

| 8-9-2024