Buy New or Buy Existing in Tampa Bay Real Estate

There are a lot of questions to be answered in today’s Tampa Bay area real estate market, especially if you’re on the homebuyer end. Do you buy now? What is your price point? Do you buy new or buy existing? That last question is one of the minds of many homebuyers and the answer may be surprising.

A recent survey conducted by Trulia this spring asked over 2,000 Americans about their preferences for purchasing a new home versus an existing home. After viewing the results, the survey concluded that twice as many homebuyers prefer a new home over existing homes in Clearwater or St. Pete. If given the choice of two homes, at the same price, two out of five homebuyers (41 percent of them) admitted to strongly or somewhat preferring a newly-built home over an existing property.

The number of survey participants who prefer an existing home in Tampa Bay real estate was just 21 percent, while the remainder did not have a strong preference. And while the results of this survey found that more Florida homebuyers prefer newly-built homes versus existing (meaning someone else has lived in the home), the findings change when asked if they are willing to pay the price for a newer home.

According to the National Association of Realtors, when comparing median home prices, “a new home typically costs $290,000, according to the Census. That’s nearly 50 percent more than existing homes, which typically cost $198,500.”

Albeit newer homes do tend to have more space and more modern features than existing, older homes, but just 46 percent of those who said they strongly prefer a new home would be willing to pay that higher price; newer homes typically have a 20 percent premium in price. In fact, just 17 percent of those surveyed said they would pay a higher price for a newer Clearwater, Tampa or St. Pete home.

“The most compelling reason to buy an existing home is to pay less,” said an economist at Trulia. “However, among respondents who strongly prefer an existing home, it’s not primarily about saving money.” History and character, as well as original wood flooring and sought-after neighborhoods are some of the features that draw homebuyers to existing, older homes.

So which do you prefer in Tampa Bay area real estate? As your local real estate expert, I am happy to help you find the type of home you’re looking for! Let’s discuss your homebuyer wish list and which available homes may fit the bill!

Ken Gorman
Charles Rutenberg Realty
1545 Belcher Road, Clearwater FL 33764
772-452-1098 | ken@kengorman.com

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