There are a lot of new home subdivisions and developments popping up all over Lane County and while first-time homebuyers are looking at these new homes, there are several resale homes and older homes still on the market. Does this mean that older homes are getting harder to sell?
Several years ago there was a statistic about new home purchases and over the last 10 years, 20% to 30% of homes purchased our new versus 65% to 85% of homebuyers purchasing an existing home but that trend is quickly shifting to wear more and more homebuyers, especially millennial’s and first-time homebuyers are looking for a brand-new home.
There are advantages to having a new home; many people prefer a home that’s never been lived in, updated appliances, cabinets, counters and floors etc. But there are also advantages to older homes as well. Older homes may have more established landscaping, fenced backyards, established neighborhoods, and pretty much have all the kinks worked out of the home itself. Just like buying a brand-new car, there may be issues that have never been dealt with before and no one has ever lived in the home in order to discover those issues. Many first-time homebuyers or new homebuyers will need to return to the builder or developer to have mistakes corrected or changes made.
The construction alone in a new home is usually going to be new items, of course, but unless you’ve had a custom hand in all of the construction, you’re probably going to be dealing with builder grade materials. If you’re buying a new home in a spec home subdivision builders will use builder grade appliances, counters, carpeting, flooring, paint and cabinetry. Older homes may have had numerous upgrades and usually, unless the homeowner is updating to sell, have updated the home with higher quality materials. Generally speaking, homeowners that are going to stay in their home will continue to update with higher quality materials and appliances so that they have the benefit of enjoying them themselves.
The quality of the neighborhood, convenience of the location, landscaping and maturity all play into a factor of choosing an older home versus a brand-new subdivision. Of course there are exceptions; a brand-new home in an older subdivision. Perhaps a home had a fire, was torn down, dilapidated, foreclosed upon and needed complete remodeling or other issues. Here you have the best of both worlds; a brand-new construction home in an older, established neighborhood.
It also comes down to the homebuyers. Many millennial’s and first-time homebuyers are looking for properties that have not been touched. They love that pristine, “new homes smell” that many of these properties exhibit. However, you also have homebuyers that appreciate history, vintage or historical homes, mature landscaping, tree lined streets and the feeling of settling in to a mature community.
Everyone has their pros and cons when it comes to homebuying. While there are many new home subdivisions popping up around Lane County there are also several established homes that have stood the test of time and been updated gradually over the years to exhibit some of the highest quality materials, finishes and appliances. When looking for home it’s best to look at both options. You might be surprised as to what you find in existing resell homes.
Thank you to our guest post contributor this month PortlandontheMarket.com just a few counties over in Portland.