Oh, What? This New Thing? Boost in New-Home Construction
Out with the old, in with the new!
It looks like new-home construction has been heating up – but what exactly is pulling homeowners to ditch the older homes?
The National Association of REALTORS®’ 2019 Home Buyers and Sellers Generational Trends Report shows that 38% of buyers who purchased new homes did so to avoid renovations and/or potential problems with plumbing or electricity.
And for millennials – this is the biggest perk to buying a newer home. 74% of buyers aged 28 year old or younger claimed they avoided renovations by choosing a newer home.
On the flip side, older home buyers between 54 to 72 years old were actually the most likely to sign for a newer home. However, their reasons differed from millennials; their primary reason to purchasing new was the ability to choose and customize design features.
Homebuyers that purchased an older home cited their reasoning as a better overall price than a new-home construction.