Just four months ago, National Association of Home Builders (NAHB) released an article that indicated how 60% of the active home buyers are prefer to buy a newly-built home instead of an existing one. Buyers have stated the top reasons they would opt for a newly built home like having the features that they would have their home, the occurring pandemic, and choosing the exact location of their home.
However, in the recent Housing Trends Report of NAHB for the 2nd quarter of 2021, there is already a change in preference.
Currently, home buyers now prefer to buy existing homes and the percentage of those who would like to buy newly-built homes went down as indicated in the infographic below.
9% of those who desired to buy a newly-built home have changed their minds and have now preferred existing homes while others prefer either newly-built or existing homes.
This change in preference is caused by several factors. As more citizens get vaccinated, the fear of being exposed to COVID-19 has settled down. Buyers also saw that the process may move a bit faster when purchasing an existing home since there is a great demand and little supply of builders and materials. Also when buying an existing home, the unexpected costs are very minimal and you even have the hand as a buyer to negotiate the final price.
Are you among those who changed their minds? Or are you those who would still prefer to buy a newly-built home than an existing one? Let us know in the comment below and if you need help in buying, just call 925-415-0835. We know how to make your home buying experience a great one!