Thursday, December 6, 2012

Old vs. new? Homebuyers reveal preferences

NEW YORK – Dec. 6, 2012 – What do home shopper prefer about new homes versus older homes? A study commissioned by BHI Inc. examined consumer preferences in new homes versus existing homes among 984 prospective buyers who plan to purchase a home within the next 12 months.

The survey found that consumers generally prefer existing homes over new homes, but many will still consider a new home offered by a builder. Seventy-five percent of the buyers say they’re considering an existing home compared to 20 percent who want a new home. Five percent say they have no preference whether the home is old or new, according to the survey.

For home shoppers who prefer existing homes, their preferences tend to be driven by the mature landscaping, larger lot sizes and sense of community that they say existing homes tend to offer. Some said established neighborhoods tend to have a “warmer inviting feel,” “better construction,” and “better privacy – homes are not on top of each other and cookie cutter.”

Homebuyers who prefer new homes tend to cite energy efficiency, the ability to customize the home to their needs, and lower maintenance costs as top drivers. Also, they say that new homes tend to offer more living space, but that may come at the expense of smaller yard and lot sizes.

Source: “Don’t Let Buyers Shop New Homes Without You,” Inman News (Nov. 14, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

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