Reselling? Check Out Your New Construction Competition

Industry Observer

Like many areas of the country, the Olympia area is experiencing quite a resurgence of new construction.  Large homes, small homes, fancy homes, starter homes - they are being built....and are selling pretty rapidly.



Resale vs new homes

So if you are trying to resell your existing house, it is smart to go check out your new construction competition.  You can pretty safely assume that the buyers will be!  And builders are very good at decking out those model homes to maximize the wow factor, and show off all the latest finish materials.

What's a seller to do when faced with this kind of competition??  The first step is to take a peek at those new construction homes, especially if they are near you geographically and otherwise similar in price range.  Now go back home and look at your own house with as objective an eye as you possibly can.

Be honest - do all the new homes show off gleaming hardwood and tile flooring choices, and you still have that slightly worn carpet that looked great when it was new 10 years ago?  Do they all have granite counters and tile backsplash accent in the kitchen, along with stainless steel appliances, while you have vinyl flooring, basic solid surface countertop, and appliances that are definitely showing their age?

Ask your real estate professional for advice about what types of updates you could do that might really pay off in resale price.  It may be that simple things like updating some light fixtures and hardware on your kitchen cabinets will make sense... and more extensive (and expensive) renovations just won't be possible or make sense to do.

Your real estate professional will know how to emphasize the things you DO have going for you in a resale house - You probably have mature landscaping, a bigger lot than the typical new construction homes, window coverings.  You likely also have the plus of being in a neighborhood that has matured a bit so that buyers can see how the surrounding homes are maintained and know they won't be living in the midst of the noise, dust, and general inconveniences of having construction still in progress all around you.

Resale houses DO sell - many buyers actually prefer them to the brand new.  But, and this is crucial, if you are NOT aware of your new construction competition, you may find that you're trying to price your home in a way that the only thing you accomplish is helping some builder sell more of that new construction....



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Nancy Conner, City Realty Inc,    360-701-1086      


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Melinda (Mel) Peterson
Grants Pass, OR - Bend, OR
The Blessed Realtor - ABR, CRS

First, it's great to hear that new construction is on the rise in your area Nancy!  You offer sage advice to Seller's of existing homes, encouraging them to look at their home with an objective eye.  All things being equal, Buyers will often elect to buy new, rather than inherit someone's deferred maintenance or weathered fixtures.

Jan 24, 2014 12:44 PM #1
Nancy Conner
Olympia, WA
Olympia/Thurston County WA
Hi Mel! It's been a little surprising how much & how quickly new construction has rebounded in the Olympia area - and in many locations - so resale sellers almost certainly have "new" competition nearby.
Jan 25, 2014 12:47 AM #2
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Nancy Conner

Olympia/Thurston County WA
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