I was recently asked to attend a seminar being put on by a local subdivision that was interested in getting some input from local Realtors on what can be done to increase the resale value of these homes. Mind you, this subdivision has always, and will always, be a popular place, but the average selling prices of the homes that are now approaching the 10-15 year old range has been lagging and the main reason is the abundance of new construction in the same price range. With that in mind, I thought I would put out a comparison between what was "new" 10-15 years ago and compare it to what is new right now.
New construction is always the greatest competition for any existing home regardless of the area. It's easy looking back on the comparables to see that the older the house is, it doesn't as much matter necessarily how large it is, or what custom features were put into the house at the time it was built, as much as how it stacks up to the latest and greatest features that might be found in a new construction. A large reason for this is that the home builders have the advantage of being able to incorporate the the most desired features into their design for what buyers are looking for today. Those same features will be as different 3-5 years down the road as they were 3-5 years in the past. Houses are a lot like cars in the sense that everything changes every few years and most buyers want the most recent updates. One criteria the majority of buyers we work with that come in from outside the area is, aside from price and location, that the age of the home be new, or at least new within the past few years.
Wall coverings-this includes paint as well as wallpaper and faux finishes. Wallpaper is normally an item that is pretty personalized and an element that a lot of buyers would prefer not to deal with. It can be challenging to remove, and in a buyers market like we have today-buyers can afford to be picky. The artistic painting and faux finishes are things that we are seeing less of today in newer homes as well. That's not to say that someone might come in and absolutely love it...that could very well be the case. It's just my experience, and that of builders, that the more a house can appeal to the broadest group of buyers, the greater the likelihood that it will sell quicker and for a higher price.
Cabinets and countertops. Again, in comparison to new constructions, the two things you will notice immediately is that cabinets colors have gotten darker with richer colors and countertops are almost exclusively granite.
Plumbing, door hardware and lighting fixtures. Ten years ago practically everything was brass. Then there was a transition to pewter. Now we are seeing a new transition to rubbed oil/darker finishes.
Flooring. Everything that was old is new again. Shag carpet has been repackaged as Fraziee (I know I spelled that wrong but I'm 40 and too old to look it up), wood floors are popular and the wider 5" plank size is becoming the norm.
Appliances. White appliances have been replaced with stainless steel. Gas ranges/stoves have been given a preference over electric.
Trim/doors. While 10 years ago we still saw a decent amount of oak, it was in transition to white painted trim and now we are seeing about a 50/50 mix of white painted trim and a creme colored painted trim. Doors were 6 panel whereas now the higher end new homes normally have a larger 2 panel design.
New construction is always the greatest competition for any existing home regardless of the area. It's easy looking back on the comparables to see that the older the house is, it doesn't as much matter necessarily how large it is, or what custom features were put into the house at the time it was built, as much as how it stacks up to the latest and greatest features that might be found in a new construction. A large reason for this is that the home builders have the advantage of being able to incorporate the the most desired features into their design for what buyers are looking for today. Those same features will be as different 3-5 years down the road as they were 3-5 years in the past. Houses are a lot like cars in the sense that everything changes every few years and most buyers want the most recent updates. One criteria the majority of buyers we work with that come in from outside the area is, aside from price and location, that the age of the home be new, or at least new within the past few years.
Wall coverings-this includes paint as well as wallpaper and faux finishes. Wallpaper is normally an item that is pretty personalized and an element that a lot of buyers would prefer not to deal with. It can be challenging to remove, and in a buyers market like we have today-buyers can afford to be picky. The artistic painting and faux finishes are things that we are seeing less of today in newer homes as well. That's not to say that someone might come in and absolutely love it...that could very well be the case. It's just my experience, and that of builders, that the more a house can appeal to the broadest group of buyers, the greater the likelihood that it will sell quicker and for a higher price.
Cabinets and countertops. Again, in comparison to new constructions, the two things you will notice immediately is that cabinets colors have gotten darker with richer colors and countertops are almost exclusively granite.
Plumbing, door hardware and lighting fixtures. Ten years ago practically everything was brass. Then there was a transition to pewter. Now we are seeing a new transition to rubbed oil/darker finishes.
Flooring. Everything that was old is new again. Shag carpet has been repackaged as Fraziee (I know I spelled that wrong but I'm 40 and too old to look it up), wood floors are popular and the wider 5" plank size is becoming the norm.
Appliances. White appliances have been replaced with stainless steel. Gas ranges/stoves have been given a preference over electric.
Trim/doors. While 10 years ago we still saw a decent amount of oak, it was in transition to white painted trim and now we are seeing about a 50/50 mix of white painted trim and a creme colored painted trim. Doors were 6 panel whereas now the higher end new homes normally have a larger 2 panel design.
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