[vc_row][vc_column][vc_column_text]In April, the National Association of Home Builders (NAHB) reported that 60% of people who were looking to buy a home in 2020 would prefer new construction to an existing home. However, it now seems that buyers have shifted their preferences back to existing homes.
While the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March, the percentage that plan to buy new construction is lower for that same period. Existing homes are now the top preference among today’s buyers show by the chart below.
Why is buyer preference changing?
- The final price you will pay is negotiated upfront. With the unpredictability of the price of land, labor, and lumber, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, there are no unexpected costs during the buying process.
- The process may move faster. Builders can’t always ensure 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 other necessary home appliances already.
If you’re a homeowner who is considering selling, keep in mind that your house is attractive to a greater number of buyers as compared to earlier in the year. Connect with an agent today to make the right decision for you.
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