Buyers Finding Lots of Equity in the Resale Market
For many buyers looking for move-up homes for sale, new construction is a popular option. With current builder incentives, buying a brand new home has also become much more affordable. However, many buyers are finding great deals in the resale market in the Fox Valley. It’s not uncommon to find homes $20,000 – $50,000 below their 2005 levels as more and more sellers are forced to reduce price as the market continues downwards. For many buyers, the general stability of the resale market is a more popular choice than new construction. Granted, we’ve seen prices drive downwards over the past two years, but compared to the unknowns of buying in a brand new subdivision, many buyers are willing to trade being in a home noone else has lived in for being in an already-established neighborhood. If you are considering new construction, it might be a good idea to also see what’s available to you in the resale market. You may be able to find a home with a good deal of equity just waiting for the next market surge in the next couple years.