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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, buyers are shifting their preferences back to existing homes
The latest Consumer Confidence Survey reveals that the percentage of Americans planning to buy a home in the next six months is virtually the same as in March.
However, the percentage that plans to buy a newly constructed home is lower for that same period.
NAHB confirms this sentiment in its latest Housing Trends Report. The organization explains that existing homes are now popular among today’s buyers. Here’s a breakdown of those findings—check out this graph for the details.
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 be unable 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, but it also likely has a refrigerator, range, and other necessary home appliances already.
- There are no unexpected costs during the buying process. Because the prices of land, labor, and lumber are so volatile, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, your final price is negotiated upfront.
Bottom Line
If you’re a homeowner looking to sell, this shift works in your favor. More buyers are looking for existing, move-in-ready homes — like yours.
And if you’re a buyer who’s ready to make a move, now is the time to explore your options.
Start by browsing condos for sale in Chicago with KM Realty Group LLC. Our team will help you find the right home, without construction delays or unexpected costs.
