Skip to main content

Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes

 Mike Eastwood Author-Chief Executive Officer of Bello Sol Inc/West USA Realty of Prescott ststes. 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:Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes | Keeping Current Matters

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 to contact a local real estate professional to discuss the possibility.

To learn more about the Prescott, Arizona real estate market contact Mike Eastwood CEO of West USA Realty of Prescott at 928-636-1500 or visit us at www.westusaofprescott.com and Mike will introduce you to one of his professional real estate agents. If you like to search on your own, download the FREE home search app http://app.westusa.com/WUSAT1M   or stop by and visit us at https://goo.gl/maps/4y1zgMPaUTbgwcRL6 #Prescottrealestate #Prescotthomes #Prescottland #Prescottvalleyrealestate #Prescottvalleyhomes #Prescottvalleyland #Chinovalleyrealestate #Chinovalleyhomes #Chinovlaaelland #Arizonarealestate #Arizonahomes  


Comments

Post a Comment

Popular posts from this blog

Prescott, Arizona: A Sanctuary for Equestrian Enthusiasts

  Introduction to the Equestrian Dream in Prescott Prescott, Arizona, emerges as a distinctive blend of natural splendor, historical legacy, and contemporary amenities, making it a unique haven for horse enthusiasts and their families. The city's commitment to maintaining and celebrating its equestrian culture sets it apart, creating an ideal environment for horse owners and those passionate about the equestrian lifestyle. Equestrian Heritage: The Heart of Prescott The equestrian heritage in Prescott is not merely a part of its history; it's the lifeblood that courses through the city's veins. This profound connection to horses reflects in every aspect of life here, from community events to the design of homes and public spaces. The city's landscape and community embody the freedom, adventure, and spirit associated with equestrian life, making Prescott a coveted destination for horse lovers. Living the Equestrian Dream: Horse-Friendly Homes and Amenities In Prescott, ho...
Post a Comment
Read more

Cyber Monday Sale: Order the Cowboy Mike and Winston Children's Book Series by Michael Eastwood

  In today's digital age, where screens dominate our lives, nurturing a child's love for reading has become more important than ever. If you're looking for a thoughtful and meaningful gift for your child or a young loved one, then look no further! This Cyber Monday, we have an exclusive offer that will warm your heart and ignite the imagination of young minds. Dive into the World of Adventure and Friendship Michael Eastwood, a renowned author, invites you to embark on an exciting literary journey with his Cowboy Mike and Winston Children's Book Series. This captivating series is filled with heartwarming tales of friendship, adventure, and life lessons that children of all ages can enjoy. With every turn of the page, your child will be transported into a world where two lovable characters, Cowboy Mike and Winston, go on thrilling adventures together. These stories are not just entertaining but also teach valuable lessons about courage, teamwork, and the importance of fri...
Post a Comment
Read more

2024 Virtual Real Estate Market Insights: Buyers and Sellers Guide

   Exploring the 2024 Virtual Real Estate Market Trends The virtual real estate sector is experiencing groundbreaking shifts, transforming the buying and selling experience. A key trend to watch is the decreasing mortgage rates, offering unprecedented opportunities and challenges. This evolution marks a period of enhanced affordability and a potential surge in the real estate transaction volume, making now the perfect time to connect with West USA Realty of Prescott by calling them at 928-636-1500 for unparalleled service in navigating these waters. Impact of Mortgage Rate Fluctuations on Virtual Real Estate Mortgage rates significantly influence the vibrancy of the virtual real estate market. The current decline in rates is a game-changer, broadening the path to homeownership for many. This trend is a green light for homeowners pondering over selling, mitigating the rate lock-in effect that previously hampered market fluidity. Decoding the Rate Lock-In Effect in Virtual Trans...
Post a Comment
Read more