The supply and demand of homes lately has been quite an issue for many people. Especially first-time home buyers who are desperately seeking to purchase a new home! This may be part of where the problem comes from – first-time home buyers are looking to purchase a new home. They are not looking into purchasing an older home. On top of this, they are also having to deal with a mortgage rate increase and property value increase. If you start looking at older homes, you may wind up adding more options to your possibilities. This even holds true for an older home that may need to be renovated and get up to date.
The time it takes to do renovation work differs from the time it takes for a new build. Obviously supply and demand on materials is a factor for both, but for a renovation, there are less materials that are needed than a new build. This means the timeline for supplies to come in can be significantly different.
Did you know that right now, about two thirds of the housing inventory right now are homes that are more than thirty years old? That is quite a bit of opportunity available for people to make an existing home into their dream home. Sometimes it is as easy as changing the flooring and updating the kitchen a bit. Either way, it is an opportunity and an option for those looking to purchase a home now.
And again, the amount of money saved for an older home can be significant. What people can afford right now is a huge factor in everything right now, but especially what home they can afford.
Just like any major decision you make, take a look at all of your options and price everything out appropriately. Also make sure you make a list of what you are looking for in a home so you can make sure the top few choices are what you will be happy with long-term.