Home Buying in 10308>Question Details

charleslanza, Home Buyer in Staten Island, NY

New Construction

Asked by charleslanza, Staten Island, NY Sun Dec 30, 2012

How does the market value of a new home fluctuate after purchase? Is it like buying a new car which falls in value as soon as you drive it off the lot?

I'm assuming that the answer is yes as a buyer of such a home is paying a premium for newness and customization of the home. Any thoughts or advice?

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Answers

2
Ron Thomas’ answer
The Market Value of homes will increase over a period of time:
Some will increase more than others; SFR will grow more than Condos, and remember "location, location, location.
Also, Un-Employment and Climate play a big part.
There has never been a protracted period where Real Estate went down.

In some areas, NEW is not as good an investment as RESALE, the reason is that the Developers over-built the area and a lot of half-built homes just sat there: We have seen this a lot in the last few years.

Most buyers prefer a MATURE neighborhood, where there are a lot of big trees.
The idea of being the first people to live in a house is appealing to some.
You should do what YOU want to do; but think in the LONG TERM with Real Estate.
0 votes Thank Flag Link Mon Dec 31, 2012
Keep in mind that generally a property is worth what the buyer is willing to pay and what the seller agrees to accept, and local market conditions do come to play; as to customization, individual buyer preferences vary, therefore it really depends....
0 votes Thank Flag Link Mon Dec 31, 2012
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