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Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes

Updated: Sep 8, 2021

In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift Towards New Construction, which reported:

60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.

However, it seems buyers are now shifting their preferences back to existing homes.


The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.


NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings:


Why the shift?

There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:

  • The process may move faster. Builders may not be able to guarantee when 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 a refrigerator, range, and other necessary home appliances already.

  • There are no unexpected costs during the buying process. With the price of land, labor, and lumber being so volatile, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, the final price you will pay is negotiated upfront.

Bottom Line

If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to earlier in the year. This might be the time for us to connect to discuss the possibility.

 
 
 

Comments


Details are subject to change. Contact Amanda/Kim at time of receipt. NAR Policy 8.0 makes provisions for Optional Listing Types. Article 5.3: New Construction: Brokers/Agents do not have to input new construction properties into the MLS, but if a new construction property is input into the MLS, all Stellar rules & regulations (including the Exempt Listing rule, which includes policy 8.0) are in effect.

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Amanda Wood
321.229.8389
Amanda@BCGHomesFL.com

Kim Griffin
407.314.5033
Kim@BCGHomesFL.com

2630 Edgewater Drive | Orlando, FL 32804

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