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Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes
In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift Towards New Construction, which reported:
“60% of people who were looking to buy a home in 2020 said they'd prefer new construction to an existing home.”
However, it seems buyers are now shifting their preferences back to existing homes.The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.
NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings:
Why the shift?There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:
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Jacquelyn Duke, Realtor®
Licensed to Sell in the State of Iowa
1360 SW Park Square Dr Ste 106
Ankeny, IA 50023
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