Why Buying A New Home in Leesburg, Virginia, Makes Sense. By Lenn Harley

Reblogger Lenn Harley
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

PRICES FOR HOMES FOR SALE IN LEESBURG, VIRGINIA, NEW vs. RESALE.  By Lenn Harley

Unlike Joe Manausa 's market information below, our new homes market is very dynamic. 

The average price for new homes for sale in Leesburg, Virginia, Loudoun County is $868,408.  (Regular Sales)

The average price for resale homes for sale in Leesburg, Virginia Loudoun County is $992,401.

Also, unlike some areas, we do have inventory.  However, when I tour with home buyers who are thinking that a resale (average age in the price range is about 10 years old), the new homes are far more appealing. 

Often the difference here is timing.  Resale homes will close in about 45 days.  New homes to-be-built will deliver in 5-6 months.

Builders in my area were smart and reduced their base prices by about 25% when the market fell in 2007-2008.  Builders gained a significant price advantage then and have maintained that pricing advantage.

Many existing homes are not listed for sale on the market due to negative equity.

EXAMPLE OF NEW HOMES IN THE AVERAGE PRICE RANGE OF $868,408.

Shenstone Reserve

MLS #: LO8040157
Price: $862,995
Bedrooms: 4
Bathrooms: 4 full  1 half
City: LEESBURG
Listing Office: Toll Brothers Real Estate Inc.

 

 

 

 

 

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Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in Loudoun County VA.

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WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Northern Virginia.
For over 25 years, we've provided home buyers in Loudoun County with . . .
Leesburg
* Comprehensive home searches,
* Personal tours of homes for sale,  
* Competitive Market Analysis (CMA) for homes under consideration,
* Experienced financial analysis to help you understand different home loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,

AND MUCH, MUCH MORE.

Lenn      search      

 

 

 

 

 

 

 

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Original content by Joe Manausa 8508880888

After yesterday's article about hiring a contractor in Florida, I received an interesting question from a reader who asked if now was the time to build a new house.

In fact, he was a little dismayed and felt that I was changing direction too swiftly, having written fairly recently about the huge new construction premium that buyers are paying for the right to live in a newly constructed house.

So I felt today would be prime for a follow-up article about determining the optimum time to build a new house.

Should You Build A New House?

The determination for deciding to build a new house will never likely be based purely upon saving money at the time of purchase.

Even Lenny Brantley, President of Brantley Custom Homes, told me

during my 20+ year career as a Tallahassee home builder, there has never been a time that a new house was less expensive up front than the going rate for existing home sales.

So I think there are other factors one must consider when deciding whether or not to build a new house or go into the Tallahassee MLS to buy an existing home.

Car Buying Analogy Brings Some Clarity

One way to look at this whole thing is with a car buying analogy.

Similar to new homes versus "used homes," buyers pay a premium for the right to be the first to own a car.

If buying a car was purely a financial decision, wouldn't we always buy a used car?

Well, I haven't bought a used car in over 20 years. I love the process of buying a new car. I love the new car smell, and the excitement of driving something in the newest year model.

I love the new features, the new gadgets, and of course, the new tighter performance. So for me, I'll probably remain a new car buyer when it comes time to trade in my ride.

Certainly, there are some people who have this mindset when buying a home. Maybe it's not "every time they buy," but perhaps it is "this time."

Why You Might Build A New House

Build A New HomeYou really need to look at the bigger picture.

For this reason, I am still a staunch proponent of NOT building right now if the the purchase price/value is critical.

The market has dropped so much, and distressed properties are still creating pricing pressure for sellers.

If you are looking for a value buy, then look no further than existing homes for sale in Tallahassee.

But the bigger picture includes long-term considerations too:

  • Your age - time of life considerations - Are you ready to buy that 20-year house? If you build a house to own for the next 20 years, the efficiencies that you can build could very well work out to be "cheaper" than buying an existing home and owning it 20 years.

  • Self Actualization - If you have the money to do it, and you really want to design and build a new house, why not? That's my rationale for buying a new car, why not get exactly what you want if you can afford it?

  • Location - Do you really want to be in a specific Tallahassee neighborhood, but no house that fits your needs is available? We build when there is not enough inventory, it is possible to have location specific inventory issues.

    Ultimately, you choose to build a new house because that is what you want. And you can afford to have what you  want.

    If you want to further explore whether or not to build a new house, please drop me a note and we'll schedule a time to meet and prepare you to effectively evaluate all of the options for your housing needs.

     

Joe Manausa, MBA
Century 21 Manausa & Associates

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Topic:
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Location:
Virginia Loudoun County Leesburg
Groups:
Loudoun County New Homes
Foreclosures For Sale in Loudoun County VA
Loudoun County VA Real Estate and Homes for Sale
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Rainmaker
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Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Lenn: That's a significant price difference between a resale and new home. If I were a buyer, I would definitely go for the new home even though it takes a little longer.

Apr 24, 2013 11:56 PM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
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Hella.  Thanks. 

It makes sense unless they are in a real rush.

Apr 24, 2013 11:56 PM #2
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Lenn, I feel that these resale sellers will catch up if they can be patient and wait a little longer.

Apr 26, 2013 12:55 PM #3
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
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Debbie.  Of course they will.  The unfortunate ones are the ones who have job transfers, family emergencies, loss of employment, can't get loan modified, etc.   They will be faced with short sales or foreclosures.  Our market isn't appreciating sufficiently to recover that 20-30% of market value lost.

Apr 26, 2013 09:16 PM #4
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