| According to Lawrence Yun, senior economist | | | | also find that you can afford a newer and |
| for the National Association of Realtors | | | | bigger home, but in a less desirable area of |
| (NAR), the 2007 market puts buyers of homes | | | | town. You will need to weigh your priorities. |
| at an "overwhelming advantage". However, the | | | | This leads to the look and design of homes in |
| NAR is also predicting that 2008 sales will | | | | general. Structure of Homes on the Market |
| increase due to a slow down in new home | | | | For buyers at the middle or lower end of the |
| construction that is helping to balance out | | | | house buying spectrum, the trend for new home |
| the market place. For those who are | | | | construction tends to lean towards deed |
| considering buying in this current real | | | | restricted communities, small lots, and |
| estate climate, the decision of whether to | | | | "cookie-cutter" style homes. There are some |
| invest in newly built homes, or existing | | | | benefits here for first time homebuyers who |
| ones, can be pretty confusing. With fewer | | | | wouldn't otherwise be able to afford a new |
| brand new homes available on the market, | | | | house. The down sides are that deed |
| maybe you'll get a better deal on a slightly | | | | restricted communities place significant |
| older house. But how can you make an informed | | | | limits on what you can do to your property. |
| decision? The basic factors you want to keep | | | | Some tend to have very little space between |
| in mind for the homes you consider are | | | | homes. And appreciation of your home will be |
| upkeep, neighborhood, structure, and cost. | | | | impacted by how well your neighbors maintain |
| Upkeep of Homes on the Market Many first time | | | | their property. Of course, you may also find |
| homeowners assume that a new house requires | | | | this in buying an existing home in one of |
| less maintenance. While that should be the | | | | those communities. You will need to decide |
| case, the reality is that the craftsmanship | | | | how important an established community or |
| of the homes can have more impact than their | | | | large yard is to your life. Just as you will |
| age. A solidly built 10-year-old home may not | | | | need to evaluate the physical and aesthetic |
| have the same issues as a shoddily made, | | | | structure of the homes you consider. Cost of |
| cookie-cutter home in new community. How can | | | | Homes on the Market Your final determination |
| you tell? Find a good inspector to look at | | | | will be cost. You may be able to find almost |
| any homes you consider. Wood fixtures, | | | | new, or slightly older homes, in great shape. |
| appliances and overall structural integrity | | | | Or you may save $20,000 on an older home and |
| need to pass muster before you make any | | | | get stuck replacing the roof the next year. |
| serious offers. Neighborhood of Homes on the | | | | Your best bet is to get a good home |
| Market Older homes often surpass new | | | | inspection, evaluate the quality of other |
| construction in desirability if you want to | | | | homes in the area, and weigh your options and |
| live in an historic or popular area. If you | | | | priorities. As with most aspects of |
| are in love with a certain part of town, or | | | | evaluating homes for sale, your decision is |
| committed to sending your children to a | | | | personal and completely based on your needs |
| specific school district, new home | | | | and desires. |
| construction may not be an option. Also, if | | | | |
| you really love a specific architectural | | | | John Harris is a researcher and writer on |
| style, you might find you are better able to | | | | real estate topics such as economics, credit |
| afford older homes in that style than to | | | | improvement tips, home selling advice and |
| locate or have a newer one built. You may | | | | home buying preparations. |