A newly built home may, or may not, be the better choice for a buyer. It really depends on your non-negotiables. New construction offers modern, energy-efficient homes with low immediate maintenance costs and builder warranties. Builders also often can offer lower mortgage rates or closing incentives saving buyers money. Conversely, existing homes often are priced lower, located in centrally established neighborhoods, have unique charm and mature landscaping though they may require repairs and renovations.
What really matters is what the buyer needs/wants. This helps determine which is the better choice. Do you want to live in the neighborhood where you grew up so you can be close to your ailing mother? Is there a specific public school you are targeting for your children? Do you want the latest and greatest in "green" living? Do you want to walk to the grocery store? Do you need a one-story house? Are four bedrooms a must-have? It is more important that the buyer determine what they need in a house and neighborhood then look at whether new construction or existing homes better match that list.
In San Diego we have some in-fill developments which also allow buyers to be in established neighborhoods. I just introduced some clients who were struggling to find all the items on their list to a new development in La Mesa. They really wanted a decent sized, one story view property without a great deal of land that was also private and didn't need any renovations. They didn't want to be way out in the suburbs. Oh, and they wanted to stay under $1.3 million. This was tougher than you would imagine. We could find a few of their "must haves" but not all of them until we turned to new construction. They were fortunate that the home we found met their needs and allowed them to pick out flooring and finishes yet will be done by the end of May. It is ideal.
If you are considering new construction give me a call. If you do have an agent be sure that you include them the first time you visit the new development or, most likely, they will not be allowed to represent you in the purchase (nor will they get a commission from the builder which will cost you money if you have a Buyer/Broker Commission Agreement in place.) Make sure you do your due diligence before you sign on the dotted line which ever choice you make.
