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I tend to live in places with lots of old housing "historic" stock and rarely consider new/er construction (built in the last 15 years lets say) when I buy.
It seems to be a national trend to tear down older communities/subdivide farms and replace with new developments. And many appear to prefer this. As someone who has owned many an old home, I understand the challenges with upkeep, so I get why new houses are appealing to many.
Recently I have noted a movement among my 30-something friends toward finding older houses and restoring them. I applaud this as I really enjoy doing that myself, but I wonder if this a bigger trend. What is popular in your area? Are new construction homes more popular in your area? Or older houses? Is it a mix?
In our area NEW construction is what everyone wants! We are about 35 miles South East of Chicago and even though there are some older homes here, most of the area is building and there are MANY new construction subdivisions going up. The existing homes are about 50+ years old and cost more to purchase then building new, plus you would still need to gut it so most are opting for building new.
From the way they are building in my area, I would say what is more popular is whatever is most available. I ran into my realtor last week and he cried about the lack of inventory for his clients. So I would think old or new makes no difference.
I think the knee jerk reaction would be to say "new construction" and I mean truly new, as in brand new entire subdivisions. But the truth is it's all popular right now. My neighborhood is 25 years old ("New" by a lot of peoples' standards) but there is some much older stock selling like hotcakes right now. The new construction is popular because for the most part it's close or easily accessible to RTP.
There is very little new construction available in my area of New England. 100+ year old homes are common and anything built in 1970 or later feels "newer".
When you say your area do you mean city, or neighborhood? Citywise I would say new construction might have an edge, though there is a huge deficit of product available for the demand, neighborhood wise I would say it depends. In core neighborhoods like mine that are over 120 years old, vintage houses is what you get and what is highly in demand.
In most beach communities it is not at all uncommon to see new builds replacing a tear down cottage or even a 20 y.o. large house that is just not in style anymore. In inland areas where there is a little land still available folks like new construction.
Older homes are much more appealing to home buyers now because they are in walkable neighborhoods and they are less expensive than new construction.
They are only initially less expensive.
In the long run, old homes are time and money pits.
I've put $50K into mine, and the wood floors still squeak.
They are akin to antique autos, nice to look at but you don't want to be driving them everyday.
I think the knee jerk reaction would be to say "new construction" and I mean truly new, as in brand new entire subdivisions. But the truth is it's all popular right now. My neighborhood is 25 years old ("New" by a lot of peoples' standards) but there is some much older stock selling like hotcakes right now. The new construction is popular because for the most part it's close or easily accessible to RTP.
I am in Twingles' market. Here, "new" means new construction. "Newer" means less than 10 years old, before systems need to be considered for replacement.
After 10 years, descriptions are iffy.
Markets are always segmented by price and location.
Well-tended older homes sell very well here, often because of better locations, larger lots, and mature landscaping.
New construction is absolutely necessary to help fill the void in inventory.
Without new construction, we would be in a homeownership crisis, vs. the current significant pinch on buyers.
Below $500,000 is a difficult market for buyers.
Below $300,000 is extremely difficult, as there is no quality new construction of detached single family homes below $400,000 in popular locations.
$200,000?
Too much true junk, going to cash buyer investors. Very painful for young first time buyers.
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