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.
