New Build or Existing Home? Which One Is Right for You?

Homebuyers today are facing a huge dilemma. There simply aren’t enough homes for sale.

Nationwide, there were 1.27 million active listings in September, down 13% from the previous year. According to the National Association of Realtors, that’s about 2.4 months of inventory, which is far less than the six months that is generally needed to strike a healthy balance between supply and demand.

Given the limited number of available properties, if you’re a buyer in today’s market, you may need to expand your search to include both new construction and resale homes. But it can feel a little like comparing apples to oranges.

Let’s take a closer look at some of the factors you should take into account when choosing between a new build or an existing home. 

TIMEFRAME

How quickly do you want (or need) to move into your next home? Your timeframe can be a determining factor when it comes to choosing between a new build or resale.

New Build

If you opt for new construction, you may be surprised by how long you have to wait to get the keys to your new digs. Currently, many home builders are dealing with unique challenges brought on by the COVID-19 pandemic, including rising costs, labor and material shortages, and shipping delays. While historically it took around five to six months to build a home, many builders are now reporting construction timelines closer to a year or more.

These issues have led some builders to cancel contracts or raise the price on unsuspecting homebuyers long after agreements were signed. Unfortunately, this scenario can throw a major wrench in your moving plans and significantly delay your timeline.

To minimize these types of surprises, it’s crucial to have a real estate agent represent you in a new home purchase. We can help negotiate better contract terms and advise you about the potential risks involved.

Existing Home

If you’re in a hurry to move into your next residence, then you may want to stick to shopping for an existing home. 

You can typically move into a resale home as soon as you’ve closed the deal. The average time it takes to close a home purchase is around 51 days, but it can vary based on loan type and market activity.

If you need to move even sooner, it’s sometimes possible to close faster, especially if you’re a cash buyer. In fact, many sellers prefer a quick closing, so it can give you an advantage in a competitive market. 

LOCATION

From commute to construction to amenities, there’s a lot to consider when choosing your next neighborhood.

New Build

With a brand-new home, you’re more likely to move into a neighborhood that’s located on the edge of town and is still undergoing development. This could mean a longer commute and ongoing construction for some time. 

However, new developments can also offer a lot of amenities that appeal to modern homebuyers. Water features, hike-and-bike trails, tot lots, and dog parks are just a few of the enhancements we’re seeing pop up in master-planned communities across the country. And some feature new schools and their own urban-like centers with restaurants, retail, and office space. 

Existing Home

An existing home is more likely to be located close to town in a neighborhood with mature trees, established schools, and a deeply-rooted community. As a result, you may find the neighborhood’s trajectory to be more predictable than an up-and-coming area. 

But the amenities may be lacking and the infrastructure dated when compared to newer communities. And while some homebuyers love the charm and eclectic feel of an older neighborhood, others prefer the sleek and cohesive look of a newer development.

MAINTENANCE

Are you a DIY enthusiast, or do you prefer a low-maintenance lifestyle? Set realistic expectations about how much time, effort, and money you want to devote to maintaining your next home.

New Build

When you build a home, everything is brand new. Therefore, in the first few years at least, you can expect less required maintenance and repairs. A 2019 survey found that millennials’ homebuying regrets often came down to maintenance issues, rather than other concerns. So if you would rather spend your weekends exploring your new neighborhood than fixing a leaky faucet, you may be happier buying a turnkey build. 

That doesn’t mean, though, that a new home will be entirely maintenance-free. In fact, depending on the builder, you could find yourself repairing more than you expected. Some home builders have reputations for shoddy construction and subpar materials, so it’s important to choose one with a solid reputation. We can help you identify the quality builders in our area.

Existing Home

No matter how good a deal you got when you purchased it, you could come to regret buying an older home if it costs you heavily in unexpected maintenance and repairs. According to HomeAdvisor’s yearly True Cost report, home renovations have grown more expensive in recent years. For example, installing a new HVAC system could cost you $5,371 on average. And you can expect to pay nearly double that amount ($9,375) for a new roof.

Fortunately, there are ways to prepare for these large expenditures. We always recommend that our buyers hire a certified home inspector, whether they buy a new or existing home. Once we have the inspector’s report, we can negotiate with the seller on your behalf for reasonable repairs or concessions.

DESIGN

Open floor plan? Kitchen island? High ceilings? Must-have design features could drive your decision to build or buy resale.

New Build

With a new home, you can bet that everything will look shiny and perfect when you move in. Builders tend to put a lot of emphasis on visual details and follow the latest design trends. For example, newly-built homes are likely to feature an open floor plan, central kitchen island, and 9+ foot ceilings, which are must-haves for many modern buyers. They are also unlikely to feature carpet on the main level or laminate countertops, both of which have lost mass appeal.

However, some buyers complain of the cookie-cutter feel of new homes since they are often built with a similar aesthetic. That doesn’t mean, though, that you can’t incorporate your own style. We can help you negotiate custom features and upgrades to personalize the space and make it feel like your own.

Existing Home

In some of the most coveted neighborhoods, an older home with classic styling and character can be highly sought after. But unless the previous homeowners have invested in tasteful updates, an existing home is also more likely to look dated. 

While some buyers prefer the traditional look and character of an older home, others crave something more modern. If that’s the case, we can help you find a resale home that leaves enough room in your budget to renovate it to your liking.

WHICHEVER PATH YOU CHOOSE, WE CAN HELP

When it comes to choosing between a new build or an existing home, there’s no one-size-fits-all answer. There are numerous factors to consider, and you may have to make some compromises along the way. But the homebuying process doesn’t have to feel overwhelming.

We are knowledgeable about both the new construction and resale home options in our area, and we can help you make an informed decision, negotiate a fair price, and avoid mistakes that can cost you time and money. So give us a call today and let’s start searching for your next home!

1 Acre of Heaven

14415 NE 53RD COURT RD CITRA, FL 32113

Looking for BIG home? THIS IS IT! This spacious 5 bedroom, 2 bathroom manufactured home is 2280 living square feet and was built in 2003. New shingle roof just installed. Entering the home the spacious living room has cathedral ceilings w/ crown molding, Cortex waterproof laminate floors throughout home and stacked stone wood burning fireplace. Just off the living room is spacious kitchen with lots of cabinets, counter space and all stainless steel appliances are included. Main bedroom is very large with walk-in closet and oversized bathroom includes shower and garden tub. Guest bedrooms are all cozy in size. Guest bathroom includes tiled shower and floors. Family room is great size and perfect for movie night with family or visit from guest. Sliding glass door leads to 11’x 32′ covered porch. Back yard includes awesome covered BBQ/ Entertainment area and overlooks above ground pool. Lots of privacy and lots of room to grow on this beautiful 1 acre homesite.  

Citra, Florida is known as the home of the pineapple orange, (originally called the Hickory orange) a name coined in 1883 for an orange (fruit) with an aroma reminiscent of the pineapple. Citra has two buildings on the National Register of Historic Places: The Citra Methodist Episcopal Church and the Armstrong House. It is home to a University of Florida Institute of Food and Agricultural Sciences plant research facility. Some funs things to do include visiting Animal Rescue Sanctuary or stop by The Orange Shop for fresh squeezed Florida Orange Juice or some cool merchandise. Skunkie Acres offers horse back riding and every local loves visiting Crones Cradle Conserve with great outdoor gardens and country store full of local homemade foods and stuff. Located just short drive to Ocala or Gainesville, don’t miss this great property surrounded by horse country. 

 

CALL, TEXT or EMAIL for Private Showing

ONLY $199,000

 

 


 

4425 NE 34 Court Ocala, FL

GREAT NE OCALA LOCATION!!!

Don’t miss this home, ready for new owner(s)! Country Side Estates is NE Ocala homes only subdivision. This home is located on .37 acres, was originally built in 1984 with 1392 living square feet and includes 3 bedrooms, 2 bathrooms with one car garage. Upon entering the home you will find nicely sized living room with brick wood burning fireplace, recessed lighting and laminate flooring. Cozy kitchen includes lots of cabinets and counter space, new stainless glass top stove and dishwasher included too. Just off kitchen is dining area with slider leading to large concrete pad. Main bedroom is spacious in size and includes walk in closet and bathroom with tiled tub/shower. Guest bedrooms are nicely sized and guest bath includes tub/shower combo. Inside laundry room includes washer/dryer and is located between dining area and garage.

UPDATES: 2021 New Roof: 2020 HVAC, Hot Water Heater, Glass top stove, Dishwasher 

Call, Text or Email to Schedule Your Private Showing!

Asking Price $199,000

  


 

November Newsletter

It is officially November and the start to a new month!

In the November issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs.

November Newsletter

Country Charmer – 15630 NE 150 Court Fort Mc Coy, FL 32134

Cute, clean and ready for new owners. This super well kept home was built in 2005 but looks much newer. This 2 bedroom, 2 bathroom manufactured home is 1012 living square feet under heat and air with 16′ x 23′ bonus room that could easily have air and heat added to increase overall square footage to 1380. Bonus room has cathedral ceilings, lots of windows for natural light and carpeted.  Kitchen has lots of cabinets and counter space and includes all appliances. Just off the kitchen is dining area and inside laundry area as well. Main bedroom is nicely sized and bathroom includes shower, double sinks and linen closet. Guest bedroom is cozy in size  and guest bathroom includes shower/tub combo. Living room is great for watching tv or just relaxing with the family. This homes interior includes tape and textured walls, crown molding, carpet and vinyl flooring throughout. The exterior includes metal roof, front covered porch, concrete skirting, fenced yard, 12×16′ storage building and metal carport with concrete pad. Home shows very well!

Located minutes to downtown Fort McCoy with grocery store, doctor office, pharmacy, hardware, gas station, pizza delivery and more. Close to Silver Springs which is great for kayaking, boating and outdoor activities. Ocala is just another 20 minutes away with Walmart, Lowes, Bealls, Outback and many more of your favorite shopping and  restaurants. Gainesville(Home of Florida Gators) is only 50 minutes to downtown. If you’re a fisherman, hunter or simply love hiking, canoeing or kayaking you are in luck! Minutes to Ocklawaha River, Rodman Reservoir boat ramp, Ocala National Forest and many natural springs(Salt Springs, Silver Glen Springs, Juniper Springs), horseback and walking trails, and off road vehicle trails awaits your explorations. One of a kind property and location! Ready for new owners!

ASKING PRICE $119,000

 

 

The Value of Your Home is Important

Wonder what your house — or a house you might buy — is really worth? Knowing how to calculate your home’s value with the help of online tools and trained professionals better prepares you to buy, sell, refinance, tap into your home’s equity or even negotiate lower property taxes.

How to Find the Value of a Home

1. Use online valuation tools

Searching “how much is my house worth?” online reveals dozens of home value estimators. In fact, 22% of U.S. homeowners who determined their home’s value used an online estimator, according to a survey. The technical term for these tools is automated valuation model, or AVM, and they’re typically offered by lenders or real estate sites like Zillow and Redfin.

Using public records like property transfers, deeds of ownership and tax assessments along with some mathematical modeling, these tools try to predict your home’s value based on recent sales and listing prices in the area.

2. Get a comparative market analysis

When you’re ready to dive deeper into your home value, you can ask a local real estate agent for a comparative market analysis, or CMA.

Though not as detailed as a professional appraisal, a CMA provides an agent’s evaluation of the home and market to provide an estimate of value, typically for listing purposes.

3. Use the FHFA House Price Index Calculator

If you’re wary of AVMs but still want a quick estimate of what your home is worth, the Federal Housing Financing Agency’s house price index (HPI) calculator applies a more scientific approach.

The tool uses the “repeat sales method,” says FHFA senior economist Will Doerner. Armed with millions of mortgage transactions gathered since the 1970s, the FHFA tracks a house’s change in value from one sale to the next. Then it uses this information to estimate how values fluctuate in a given market.

4. Hire a professional appraiser

Lenders require a home appraisal before they’ll approve a mortgage, but as a property owner, you can hire an appraiser to estimate home value at any time. More than one-fourth (28%) of U.S. homeowners determined their home’s value through an appraisal, according to the survey.

5. Evaluate comparable properties

One thing appraisals and AVMs have in common is their reliance on the recent sale value of comparable properties, often called “comps.” Well over half (56%) of U.S. homeowners estimated their home’s value by looking at comparable properties. On its face, this approach seems simplest.

Pulling comps is one way to determine market value without paying an appraiser, but use good judgment. “Just because the property next door sold doesn’t mean it’s a comp,” Lundquist says.

To choose accurate comps, you must employ an “apples to apples” approach, Lundquist says. Think about which properties would interest a buyer if yours weren’t available. Look for similar size, location, condition and upgrades.

Why Home Value is Important

Knowing your home’s value allows you to evaluate what you can afford, determine whether a listing is priced appropriately and decide how to price your own home, says Gayle Weiswasser, senior vice president of marketing and communications at Homesnap, an app that offers home value estimates.

And the benefits of finding a home’s value don’t end with a purchase or sale: Refinances, home equity lines of credit, insurance premiums and annual property taxes are all based on home value.

Serene & Private 37 +/- Acres

13740 NE 223 Lane Orange Springs, FL 32182

Want privacy and looking for little to no neighbors? If so, then you have have found the perfect hideaway from it all. Bordered on 3 sides by state land this rural 37.1 +/- acres is located down long winding dirt road and leads to mainly wooded and partially cleared(several fenced paddocks) acreage with lots of wildlife including turkey, deer and more. The manufactured log home was built in 1997 and includes 3 bedrooms, 2 bathrooms with 828 living square feet with 10×23 attached screen room with metal roof only 3 years old. Some updates: 2019 refrigerator & dryer, 2018 Washer. There is 14’x20′ workshop and seller is including pickup truck and riding mower with the sale. 

 Orange Springs is located minutes to downtown Fort McCoy with grocery store, doctor office, pharmacy, hardware, gas station, pizza delivery and more. Close to Silver Springs which is great for kayaking, boating and outdoor activities. Ocala is just another 20 minutes away with Walmart, Lowes, Bealls, Outback and many more of your favorite shopping and  restaurants. Gainesville(Home of Florida Gators) is only 50 minutes to downtown. If you’re a fisherman, hunter or simply love hiking, canoeing or kayaking you are in luck! Minutes to Ocklawaha River, Rodman Reservoir boat ramp, Ocala National Forest and many natural springs(Salt Springs, Silver Glen Springs, Juniper Springs), horseback and walking trails, and off road vehicle trails awaits your explorations. One of a kind property and location! Ready for new owners! 

Asking Price $ 335,000

 

Country Charm Home on 1.8 Acres

UNDER CONTRACT

 

13881 NE Jacksonville Road Citra, FL 32113

Location, location, location…don’t miss this cute home with great location and easy access to Ocala or Gainesville. Originally built in 1983 this 3 bedroom, 1.5 bath home includes 1288 living square feet with 280 square foot covered front porch. Upon entering the home you will see soaring cathedral ceilings, nice open floor plan and laminate flooring throughout downstairs.  Kitchen has custom wood cabinets, lots of counter space and appliances are included. Downstairs includes 2 nice sized bedrooms and bathroom with tub/shower combo. Upstairs is the main bedroom, with walk in closet and 1/2 bath. This well cared for home has newly painted exterior, some new interior paint, updated South side steps and siding, new floor in bathroom and new drainfield 2019.

Citra, Florida is known as the home of the pineapple orange, (originally called the Hickory orange) a name coined in 1883 for an orange (fruit) with an aroma reminiscent of the pineapple. Citra has two buildings on the National Register of Historic Places: The Citra Methodist Episcopal Church and the Armstrong House. It is home to a University of Florida Institute of Food and Agricultural Sciences plant research facility. Some funs things to do include visiting Animal Rescue Sanctuary or stop by The Orange Shop for fresh squeezed Florida Orange Juice or some cool merchandise. Skunkie Acres offers horse back riding and every local loves visiting Crones Cradle Conserve with great outdoor gardens and country store full of local homemade foods and stuff. Located just short drive to Ocala or Gainesville, don’t miss this great property surrounded by horse country. 

ASKING PRICE $229,000

 

 

 

October Newsletter

It is officially October and the start to a new month!

In the September issue of our newsletter you will find events this month, featured listings, market predictions for 2021, and how to follow us on social media.

Click the attachment to check it out!

Please don’t hesitate to reach out with any of your real estate needs.

October Newsletter

Lake Kerr Access

21590 NE 135 Lane Salt Springs, FL 32134

Don’t miss this super clean 2 bedroom, 2 bathroom concrete block home on .57 acres. The well cared for ranch style home is 1,008 living square feet with oversized 672 square foot, 2 car garage and front covered porch with view of Lake Kerr. The living room is nice sized and just off kitchen with custom wood cabinets, lots of counter space and all appliances are included. Glass door in kitchen/dining area provides lots of natural light and leads to concrete patio area overlooking wooded lot in backyard. Main bedroom is cozy size and bathroom includes fiberglass shower/tub combo. Guest bathroom includes tiled shower with steel tub. In the back yard there is a 24×11 storage shop with 110V power and workout station. 

  • 2019 – New Pump, HVAC, Garage door(torsion springs, bar, pulley, rollers)
  • 2020 – Flooring(Commercial grade 30 year warranty)

Located in the heart of the Ocala National Forest w/ beautiful Salt Springs swim area, boat launch and short ride to Lake George and the St. Johns River. Salt Springs is also home to miles and miles of ATV/SxS, Horseback and hiking trails. Great fishing year round in the many lakes, rivers and forest ponds, and don’t forget about the excellent hunting too. Close to local shopping including grocery store, Dollar General, hardware, gas station, great restaurants, entertainment and more. Only short 30 minute drive to Ocala or Palatka for all your needs.

ASKING PRICE $240,000