New construction is a real bright spot within the overall housing market. According to the US Census , “Sales of new single-family houses in September 2014 were at a seasonally adjusted annual rate of 467,000. This is 0.2 percent (±15.7%)* above the revised August rate of 466,000 and is 17.0 percent (±20.6%)* above the September 2013 estimate of 399,000.
A 17% increase is a very real trend to note. Why do today’s buyers want to buy new construction? In my professional opinion there are 4 key reasons:
- Aside from changing a paint color here or there, they are basically move-in ready. In my experience, most buyers are in dual income households making it a challenge to have the time necessary to upgrade kitchens and baths which is often necessary with older homes. This is a luxury most families just don’t have.
- New homes translate into lower maintenance bills. The roof is new, the appliances are new etc.
- New homes usually have lower utility bills since the newer heating and ventilation systems are so much more efficient.
- Buyers also love the idea of being able to have a say in the finishes thereby making it feel custom.
Many new construction homes are built to blend in with existing homes in the neighborhood so they won’t feel dated when people want to sell them years from now. They are also incredibly well laid out and better meet today’s lifestyle. For instance, in older homes kitchens were primarily a work space – today they also serve as a living space. New homes typically have open floor plans in which kitchens open up to a “Great Room” with ample seating, a fireplace, a mantle and the ubiquitous television. This is ideal for entertaining.
Another major trend is smaller formal living rooms – since they are used so rarely. New homes usually have a designated home office space, laundry rooms on the same floor as the bedrooms, and massive master bedroom suites. The space is optimized around how people live in their homes today – not 50 or 100 years ago. And most new home buyers tell me- charm is something one can add as they go along.
If new construction is something you would like to explore, Amy Harrys is a new construction specialist and is happy to assist you.
Call (917) 327-0701 | E: [email protected]