New construction homes, apartments, and condos provide an exciting opportunity for many families, couples, and individuals. The opportunity to move into a brand new space is appealing because these property owners are able to rely on new appliances and HVAC systems, as well as roofs, siding, windows, and doors. Without the regular maintenance that often comes with owning an older home, buyers who purchase new homes for sale typically have a significant window of time before they will need to deal with the maintenance problems that occur in older homes.
From acreage homesites near Houston that allow people to get out of the traffic and chaos of the city to the new subdivisions that are going up on the outskirts of town, there are many things to consider when you are looking at new homes for sale. For many buyers, however, location is key. Some parents, for instance, are considering new homes for sale in areas where they can have access to the newest schools in a district. In a time when the educational start a student gets is so important, in fact, distance to a desired elementary, middle, or high school is key. Unfortunately, many of these new homes for sale in the best districts come with high property taxes. For many parents, however, they are willing to pay the price to know that their children are getting some of the best opportunities for their children.
What Are Your Priorities As You Begin the Search for a New Home?
Depending on where you live, this can be a very advantageous time to purchase your first home or to move into a house that is bigger and has more of the amenities that your family is looking for. And while the prices of homes in some areas are increasing, there is often evidence that the prices of rent in those same areas are increasing as well. For instance, Houston home values have gone up 7.2% over the past year and their Houston real estate market prediction is that they will rise 3.4% within the next year. The rental prices in many areas of Houston, however, are also high so it is important to know that it is often in your best interest to invest in your own home, instead of throwing money away on rent.
In addition to cost and location, there are also many people who make their decisions about what they will purchase based on the potential resale value of a home. Interestingly enough, some of the same factors that play into the purchase of a home also help determine the resale value of a home. Location to schools, shopping, and public transportation options, for instance, is an important factor in the success a property owner will have when they are getting ready to sell a home.
Consider some of these other facts and figures about the many factors that play into home purchases, especially first time home buyers, and the impact that these sales have on the economy:
- 96% of Millennial investors are interested in making a real estate investment, showing greater interest than their Boomer counterparts who indicate that making a real estate investment is important to 83% of them.
- 1.2 million conventional home builds were started and 1.15 million were completed in the U.S. in the year 2017 alone.
- As an indication of how popular new home purchases are, 16% of first time home owners were looking for new homes in urban areas in 2019. Many of these buyers are likely looking for away to be out of the city.
- Marketing to Millennials is important if you are looking at a way to sell your home because this group makes up the largest percentage of homeowners at 45%.
- 44% of home buyers indicated that they spent at least some time looking online for properties.
- First time home owners made up 42% of shoppers in the year 2019.
Not surprising, the home buying process can be both confusing and exhausting. It is likely for these reasons that as many as 78% of recent buyers found their real estate agent to be a very useful source of information.
