Resale Over New Construction in 2021
Stewart Real Estate Group Podcast
English - August 19, 2021 00:00News real estate for sale real estate agents top real estate agents local real estate agents find a real estate agent home selling tips home for sale home buying home buying process property finder Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Here’s why buyers are purchasing resale over new construction.
Today’s homebuyer is choosing resale homes over new construction. That was not the case in 2020 when 60% of buyers wanted to buy new construction. What happened in the last year that turned the tide? In 2020, a lot of people ran to buy new construction because they were afraid of buying a resale home in the midst of a pandemic.
There’s always a population of buyers that want new construction. Last year, with the lumber prices going above what anybody expected, home builders started to put language in their contracts saying that they could switch the pricing up at any time. Buyers got sick of paying all these crazy prices and not knowing if their house was even going to be theirs at the end of it. As a result, homebuyers want to buy resale with fewer clauses and unknowns.
Stay tuned for more updates on the new construction home market. It has a unique dynamic compared to resale homes, so we’re watching it very closely . If you guys have any questions, please feel free to reach out to me.