Warren County Ohio Real Estate News and Observations: Should I Buy A Resale Home Or Build New?

Should I Buy A Resale Home Or Build New?

resale or new?You're ready to make a change from your current home.

There's a lot to consider and one of the chief decisions to make is Resale or New Construction?

Resale homes are out there, no matter what the market.  They may be scarce or plentiful, but there's always some out there.

New construction reacts to the economy.  When the economy is depressed, new construction slows WAY down, and for certain builders pulls the curtains on their existence.

 

Whether to buy resale or new construction is going to come down to several key factors:

1.  Your budget.  Depending on desired location, there may be no builder offering anything in your price range.  E.g. if you want new construction in Mason Ohio, expect to pay AT LEAST in the mid to upper $300s.

2.  Desired location.  Some areas have little to no new construction.

3.  Timeframe.  If you're on a shorter timeframe, new construction is probably off the table unless there are some almost finished or finished homes by the builder.

4.  Whether you need to sell your existing home.  While builders aren't going to allow the sale of your home to be a contingency, if the market is decent you can build and use the build time to get your home sold.  Yes, it probably means a double move for you, but it's an option. 

5.  Your specific needs for your home.  Are you more mainstream or have custom needs?

 

If you're considering buying in a subdivision that has both resale and new, resale may offer the better value because those sellers are more likely to HAVE to sell.  And when that happens, often they need to undercut the builders to make their home more appealing. 

 

 

Interested in having us help you sell your home or help you buy a home? Just give us a call/text at 513-520-5305 or email Liz@LizSpear.com. 

We look forward to hearing from you!

Bill of Bill & Liz aka BLiz

 

 

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Comment balloon 2 commentsLiz and Bill Spear • May 26 2019 12:15AM

Comments

Bill excellent advice, here in my market if you buy a home that needs updating approval time is six to eight months...can you believe that? When it comes to building from scratch now you are looking 1.5-2 years... for approvals... Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 24 days ago

Hello Bill(and Liz too) - while the allure of new construction is not only understandable, there is something quite special about "being the first one to live in a particular place".  Having experienced both, there are advantages and disadvantages for sure.  Your strategy is about getting homebuyers closer to the truth that works for them.  In this situation.  At this time.  Isn't that what we want?

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 23 days ago

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