 Phoenix New Construction Homes $750,000 or less!Home ValuesHome ValuesThe secret is out! Most people love buying a new construction home for the advantages over resale homes. Right now the new home market is on fire!
Buying a home is one of the most significant financial decisions most people will ever make. Among the many choices you'll face, one of the first is whether to purchase a new home or a resale property. Each option has its own set of benefits, but in recent years, the scales have been tipping increasingly in favor of new home construction. Here’s why building new can be a superior choice. 1. Customization and Personalization One of the most appealing aspects of new home construction is the ability to customize your space to fit your specific tastes and needs. When you build a new home, you have the opportunity to select everything from the floor plan to the fixtures, ensuring that your home is exactly what you envision. In contrast, buying a resale home often involves compromising on certain features or investing additional time and money into renovations and updates. 2. Modern Design and Layout New homes are designed with contemporary lifestyles in mind. They often feature open floor plans, larger kitchens, and more storage space. These designs reflect the way people live today, prioritizing communal areas for family gatherings and entertaining. Older homes, while charming, may have more segmented layouts that can feel dated or impractical. 3. Energy Efficiency Advancements in building materials and technology mean that new homes are far more energy-efficient than older properties. Modern insulation, energy-efficient windows, and state-of-the-art heating and cooling systems can significantly reduce utility bills. Many new homes also come equipped with smart home technology, which can further enhance energy savings and provide greater control over your home environment. 4. Lower Maintenance Costs When you buy a new home, everything is, well, new. This means that you won’t have to worry about major repairs or replacements for a while. The roof, plumbing, electrical systems, and appliances are all brand-new and often come with warranties. In contrast, resale homes may require immediate updates or repairs, leading to unexpected costs and inconvenience. 5. Healthier Home Environment New homes are built with the latest standards for health and safety in mind. This includes the use of non-toxic building materials and paints, improved ventilation systems, and advanced water filtration options. These features contribute to better indoor air quality and a healthier living environment, which is particularly important for families with young children or members with allergies or respiratory issues. 6. Increased Safety Features Modern building codes require new homes to include advanced safety features such as hard-wired smoke detectors, carbon monoxide detectors, and fire-resistant materials. These enhancements provide greater peace of mind and can potentially lower insurance premiums. Older homes may lack these critical safety updates, making them riskier and potentially more costly to insure. 7. Better Resale Value While it may seem counterintuitive, new homes can often command higher resale values than older properties. This is due to their modern amenities, energy efficiency, and overall condition. Buyers are frequently willing to pay a premium for a home that requires fewer immediate repairs and updates. Additionally, newer homes are less likely to have issues that could be uncovered during an inspection, making the selling process smoother. 8. Community Amenities New home developments are often part of master-planned communities that include amenities such as parks, playgrounds, walking trails, and even community centers or pools. These amenities can enhance your quality of life and provide convenient recreational options. Older neighborhoods may lack these modern conveniences or require you to drive to access similar facilities. 9. Warranties and Builder Support When you purchase a new home, it typically comes with a builder's warranty. This warranty can cover various aspects of the home, from structural components to specific systems and appliances, giving you peace of mind. If any issues arise, you can often rely on the builder to address them. Resale homes generally do not come with such comprehensive protection, leaving you to handle any problems that arise. Conclusion... While both new construction and resale homes have their merits, the advantages of new home construction are compelling. From the ability to customize your space and benefit from modern design to enjoying energy efficiency, lower maintenance costs, and enhanced safety features, new homes offer a range of benefits that can lead to a more satisfying and secure homeownership experience. If you value modern living, health, and long-term savings, a new home may be the perfect choice for you. ** DO NOT VISIT A MODEL HOME CENTER without a BUYER'S AGENT representing you! The on-site agent at the model home center represents the SELLER. ** DO NOT VISIT NEW HOME BUILDER WEBSITES - as this often forfeits your representation rights. ** To discuss New Home Buyer Representation, call or text me DONALD KEYS Selling NEW HOMES Since 2006 HomeSmart (602) 750-1744 ** Also I have access to which builders are offering BELOW MARKET INTEREST RATES! **
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Donald Keys, selling new and resale homes here with a real estate market update for May 2024. Watch the video above from Brian Buffini, real estate expert for over 25 years.
Brian states, that most Americans believe owning a home is a significant part of achieving the American Dream. But today so many believe the dream is out of reach and that is simply not true. One of the most practical ways to leave a financial legacy is to help an adult child or grandchild buy a home. Tapping into your equity helps build generational wealth for your family. In fact, last year 54% of millennials who purchased a home received help with the down payment. The average homeowner has 40 times the net worth of the average renter. And I’m sure we all want to put our families in that kind of situation. Down payment assistance could help them buy in a neighborhood with better schools, helping your grandkids to get ahead in life. It can even help your family avoid tapping retirement accounts to buy a home. So, if you’re one of the 39% of homeowners who own their home free and clear, maybe you could tap into some of that equity to help the next generation get their start. The number one reason people want to move in 2024 is to be closer to family. And if it’s time for you to downsize, maybe you could relocate to an area where your family acquired a home because you assisted with the purchase. For those of you trying to get on the real estate ladder, maybe it’s time to talk with family about getting some help with your down payment. In the meantime, take steps to get your credit score and savings on the right path. If you have any questions on today’s topic, give me a call and I’ll be happy to help! Feel free to call or text me today. DONALD KEYS Selling Homes Since 2006 HomeSmart (602) 750-1744  For Buyers:
Inflation is a hot topic today. Talk to any investor about hedging inflation and they may bring up strategies that include gold, commodities, rentals, or even cryptocurrency. For young adults, however, the first step towards hedging inflation is typically moving out of a rental and into homeownership. Let’s discuss why. The Consumer Price Index (CPI) is arguably the most quoted inflation measure in mainstream media. Most readers assume the main driving forces of the CPI are food and energy. They make up 20% of the weight, so that’s a fair assumption. However, it’s shelter costs that are weighted the heaviest of all the categories at 36%, specifically the cost to rent. Nowhere in the CPI does the cost to purchase a home come into the equation because there is no rent to pay if it’s purchased with cash, or the cost is fixed for 30yrs if there’s a mortgage. So, while the Consumer Price Index has increased 12% since June 2022, once shelter is removed the increase is only 2.1%. One could argue that this is the 2-year inflation rate for those who own their primary residence versus rent, which accounts for roughly 64% of all households in Maricopa County. For Sellers: It’s the peak Spring buying season in Greater Phoenix, although it may not feel like it for some sellers. The housing market has begun to drift towards another balanced state over the past 4 weeks, which is the result of an accumulation of supply as demand remains weak. Listings under contract are only down 6% compared to last year, but active listings are up 26%. Days prior to an accepted contract would be 3 weeks at this time of year normally, but current conditions are adding an extra week for sellers. Word on the street is resale homes needing to be remodeled or updated are sitting a bit longer as builders are ramping up permits for new homes. In fact, single family permit activity is up 125% year over year for January and February and sales are up 16%, surpassing 2021 (the previous 10-year high mark). The competition isn’t just for the sub $500K market either. Luxury new home sales over $3M are up 79% so far this year and up 28% between $1M-$3M. The struggle for resale listings that need paint, carpet, or significant changes is fewer traditional buyers have the capacity to finance a remodeling project with current rates, or they may not be able to visualize the space any other way, or they may think the cost and time for basic renovations is greater than it is. As far as investor purchases go, wholesale offers are due to get uglier with increased holding costs, stagnate monthly appreciation, and smaller returns. Flip sales are down 74% from 2 years ago and at a level comparable to 2015. Whether it’s getting quotes for work, renditions to help with visualization, or advising the seller on the most important updates to make prior to listing, it’s markets like this where professional representation and feedback make a difference for both sellers and buyers. Despite current challenges, sellers are averaging 97.8% of their last list price at close of escrow so far this month. Seller-paid closing-cost assistance is down 2% to 44% of sales, and the median sales price increased to $444,900, up 6% from last year. Commentary written by Tina Tamboer, Senior Housing Analyst with The Cromford Report ©2024 Cromford Associates LLC and Tamboer Consulting LLC |
AuthorDonald Keys has been selling homes full-time since 2006. Archives
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