Latest NewsWondering Where You’ll Move if You Sell Your House Today?Tuesday, 19 July 2022

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result.  That means you may have a better chance of finding a home that will meet your current needs.  Here are some options to consider.

Buying an Existing Home Can Give You That Lived-in Charm

The supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. Residential stock levels are rising, and that’s largely due to more homes coming onto the market and the pace of sales slowing to a more normalised rate:

Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes (particularly in Lifestyle-driven areas).  That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options.  In short, more homes are coming up for sale this year compared to last year.

There are several benefits to buying an existing home.  Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighbourhood featuring mature landscaping that can give you additional privacy and boost your street appeal.

Plus, timing can be a consideration as well.  With an existing home, you can move in based on the timeline you agree to with the Sellers,  rather than building a new home and waiting for construction to finish.  This is something to keep in mind, especially if you need to move sooner rather than later.

Just remember, while more sellers are listing their homes, supply is still low overall.  That means you’ll have more options to choose from as you search for your next home, but you’ll still need to be prepared for a fast-moving market.

Purchasing a Newly Built or Under Construction Home Means Brand New Everything

Census data shows there’s an increasing number of new homes available for sale.   It includes homes that are under construction, soon to be completed, and fully built.  

When building a new home, you can create your perfect living space and customise it to your lifestyle.  That could mean everything from requesting energy efficient options to specific design features.  Plus, you’ll have the benefit of all new appliances, windows, roofing, and more.  These can all help lower your energy costs, which can add up to significant savings over time.

The lower maintenance that comes with a newer home is another great advantage.  When you have a new home, you likely won’t have as many little repairs to tackle, like leaky Taps, shutters to paint, and other odd jobs around the house.  And with new construction, you’ll also have Warranty options that may cover portions of your investment for the first few years.

Keep in mind, purchasing a new home could mean waiting a considerable amount of time before you can move.  Supply-chains around the world have slowed somewhat and materials are becoming increasingly difficult to obtain,  resulting in delivery lags and completion times being pushed out.

That’s an important factor when making your decision and one you should discuss with a trusted real estate advisor.  They’ll help you think through all the pros and cons of both new and existing homes to help you arrive at your best decision.

Bottom Line
With the supply of homes for sale rising,  you have options for your next home no matter what your preferences are.  If you have questions or want help deciding what’s best for you, connect with a local real estate professional and start the conversation today.