Profile picture for BrierCreekDavis

In a market where there are so many NEW homes, is the better value with 2yr+ old homes for sale?

  • June 19 2011 - Durham
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Answers (9)

Profile picture for Sharon Lewis
@Mark
older homes in this area tend to also hold their value . Some new neighborhoods sell out most of their inventory and then have a fire sale at the end,thereby devaluing the new homes. I like older neighborhoods for value and construction quality many times.
  • July 12 2011
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You may also want to consider appraisal value in a sub-market heavily saturated with new construction. Those new homes will most likely appraise better than their resale counterparts.
  • July 11 2011
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Profile picture for Sharon Lewis
I hope these responses helped, if you have more questions you can always email one of us by clicking on our name. Good luck to you.
  • July 07 2011
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You will have to look at the big picture. What will you spend money on, to get what is available in the used home market. Compare the total prices for what you get with a home that is a few years. It could be a better value in the end.
  • June 27 2011
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Profile picture for Sharon Lewis
I also work in this area and in Brier Creek you will find a lot of choice.The nice thing about a home that is 2 plus years old, is that the construction traffic has gone, no nails in your tires :) There is probably room for negotiation. Issues are either well known or resolved.
Homeowners have probably done upgrades that you dont have to do.Landscaping is put in place, along with fences. The neighborhood is more like a neighborhood.
New homes can almost sell out and then the last few homes get sold for a lot less than everyone else paid. That is always a big concern.
I would be happy to help you
  • June 20 2011
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It really depends.  On an existing home, a buyer may benefit from upgrades paid for and installed by the previous owner.  The downside to that is that you might not like the upgrades that the previous owner selected.  You can request that a builder install some upgrades as part of your offer on a property.  For example, in the Jacksonville area it's becoming more common for a builder to install a privacy fence for a buyer.  

The big difference, in my opinion, is the ability to negotiate price.  In the area that I work, builders don't like to lower the prices of their new homes because it will affect the value of all of their remaining new constructions.  However, with a resale, if they owner has enough equity to be negotiable, you might be able to get a good price reduction as well.  It's all about finding the best bang for your buck!  I would look at both and make your decision once you've seen how they compare.
  • June 20 2011
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I am assuming you are looking in the Brier Creek area based on your user name.  As WetDawgs said there are often homeowners that have done upgraded landscaping, troubleshooting, installing of blinds and more.  There are also a lot of builder incentive right now with many of the builders.  Be careful as well to understand what is included in the price as some of them have design centers that will break the bank and some like St. Lawrence homes has "everything is included" which helps you have a bottom line price but means many of the houses will be similar.  

If you are not currently working with an agent in the area my office is in Brier Creek, I live close by and I have sold real estate in the Triangle for the past 17 years.  I would be happy to help you look at the differences between the resales and new homes in the area you are looking for.  You can just contact me through my profile here on Trulia and good luck with your home purchase.
  • June 19 2011
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Profile picture for Ofe Polack
So much depends on any improvements that the sellers may have done to the property.  Landscaping is usually a big ticket, plus any other interior or exterior upgrades.  There are too many things to consider, so the answer is not a black and white response.  Seek the assistance of a buyer agent who can evaluate new properties vis-a-vis older homes for you. 
  • June 19 2011
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Profile picture for wetdawgs
Evaluate the individual homes of interest carefully.  It is not unusual for a 2 year old home to have increased landscaping, and a good homeowner may have done some troubleshooting of systems that so often plague a new home buyer.   Or, of course, it could be the opposite extreme that they are so frustrated they can't handle it and have to move!
  • June 19 2011
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