Time to Buy: Existing Home or New Construction?

If you put a pause on your home search because you were not sure where you’d go if you sold, it may be time to rethink that decision. “More homes are starting to come on the market and there are fewer bidding wars,” says Glenn Elliot, Sales Associate at ERA Justin Realty, “So you have a greater chance of finding your dream home.”

So, what are you looking for? New construction or an existing home? 

Here are some things to consider.

 Existing Homes

According to the National Association of Realtors (NAR) the supply of existing homes, that’s those that were previously owned, has steadily increased since the beginning of the year.

“We are seeing more homes come on the market than this time last year,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Plus, they’re not selling as fast. That equals more overall inventory. This is great news if you’re looking to buy.” 

There are several benefits to buying an existing home including character in historic homes, mature landscaping, and established neighborhoods and schools.

“Timing is also an important consideration,” adds Darby Metzger, “You can move into a home based on an agreed upon timeline with the sellers, instead of waiting for new construction to finish.”

 New Construction

Now that pandemic-related supply chain issues are starting to ease up, there are an increasing number of new homes available for sale. This includes homes that are already fully built, currently under construction or soon-to-be completed.

“For homes that are not yet finished, everything is brand new,” says Elliot, “And buyers can have a say in specific options like appliances.” Having the benefit of all new appliances, windows and roofing can add up to savings in energy costs. “Warranties also help cover costs of inevitable repairs,” Elliot adds.

Keep in mind, buying unfinished new construction means you are less in control of your move-in timeline. “Your timeline is an important thing to consider when making your decision and one you should discuss with a trusted real estate professional,” adds Darby Metzger.

Whether you are interested in an existing single family home or a new construction condo, Glenn Elliot or any of the agents at ERA Justin Realty can help you find the right fit. Call us at 201-939-7500.