New Construction cost are going up. See why resales can be a more budget friendly option!

09/21/2018

With new construction cost on the rise some buyers are turning to resales to get more house and upgrades for a fraction of the price. New construction cost has been on the rise for several years and for many reasons.  Beyond the product shortages we are now seeing labor shortages pushing construction cost higher.  In an article by the Realtor Magazine, 83% of builders are quoted saying they have had to increase their home prices and 73 percent say it is because they can not complete the jobs on time without the extra laborers.  There is so much more demand for new construction and housing shortages that the builders can’t keep up.  What other options do buyers have when they want a home that feels like new and they do not want to do renovations when they first move in? The options are resales.  Many of the new construction communities start to see homes coming on the market for resale just 2-3 years after construction starts in a community.  Many of these sellers’ homes are like new and are sold for less then the new construction cost because they are competing with the builders who are still building in the community.  Buyers should take advantage of these lower priced homes and not count them out. Most homes in Lewes, Rehoboth and all Delaware Beach areas still show like new because they are being used by many people as 2nd homes, which makes for minimal wear and tear on the home and a budget friendly option for buyers seeking a new or like new home.

The bottom line is do not count resales out because you may be letting the word 'New' increase your initial house price by 10-30% and you could be risking walking in to your home without equity. Instead call your local real estate agent, like The Julie Gritton Team and let them help you find a resale property that matches all the things you are looking for without the price tag of 'New'.  Contact us today directly at 302-644-5222, or at the office at 302-645-2881.  You can also email us at info@selltheshore.com or visit our website www.SellTheShore.com

To Read more about this article by the Realtor Magazine Click here: https://magazine.realtor/daily-news/2018/09/17/labor-shortages-push-new-construction-costs-higher?tp=i-H43-Bb-2pJ-4wFlv-1p-GeZy-1c-4wE8E-1MBiZA&om_rid=72988999&Om_ntype=RMOdaily&om_mid=10869