Americans Prefer Newly Built HomesPosted 06/18/2014
Modern features, customizable options and less maintenance are all among the many reasons most Americans — twice as many to be exact would prefer purchasing new homes vs existing homes, according to the latest online survey from Trulia, a leading online residential real estate site.
Of the more than 2,000 survey respondents, 41 percent said they’d prefer buying a new home, whereas only 21 percent would choose an existing home. The remaining 38 percent of respondents had no preference.
While the overall numbers are quite convincing that Americans want to buy new, not everyone actually is willing to pay the higher price tag for a new home. According to the latest research from Trulia, new 2013 and 2014 homes cost on average 20 percent more than older homes a number that seems to deter nearly half of the people who would prefer a new home from actually purchasing a new home, according to the survey results. Combining both the preference and willingness to pay, only 17 percent said they prefer a new home and would pay at least 20 percent more for a new home.
Although home buyers initially may pay higher for a new home, the overall price might not reflect the actual cost in the long run. According to a Census survey, homes built in the last four years cost about $25 less per month for maintenance compared with all homes. The maintenance savings combined with deals from homebuilders looking to move existing new-home inventory could end up saving home buyers more money if they choose new versus old.
While price is certainly a factor, new-home buyers have many other reasons for choosing new rather than an old. According to another Census survey, two-thirds of new-home sales are signed before construction is completed, showing buyers want the option to customize. Additionally, nearly 65 percent of respondents from the Trulia online survey who strongly prefer a new home also want the option to customize, with the same amount of respondents wanting modern features like bigger closets, a kitchen island and open floor plans.
As a homebuilder, these survey results only reinforce what we’re doing at Maracay Homes. We not only provide homes in high-demand areas, but offer FlexDesign® options with features like spacious great rooms, walk-in kitchen pantries, wrap-around porches, secret passageway from laundry to master closet, bonus rooms, 3-car garages, inviting exteriors and much more, depending on the plan. Not to mention, each home is Energy Star® certified and comes with Maracay Homes’ Living Smart® program for high performance and energy efficiency, providing homeowners with savings for years to come.
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