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