Getting Real About Real Estate in 2022, How the Latest Stats Might Impact Your Summer Home Search

Talk about your Summer Blockbuster!! Buying a home is among the hottest trends in the U.S. right now. And – in keeping with hot trends – high demand can make it difficult for you to find exactly what you are looking for in a home. That is particularly true in Atlanta and the surrounding metropolitan area – which has been identified as one of the most competitive markets in the nation. Regardless of trends, the age-old question of whether it’s better to buy a resale or build a new construction home remains top of mind among homebuyers. If you are revving up to hop on the homebuying trend this summer, some of the most recent statistics might help prepare you for what you’re up against in the current marketplace while addressing the question of whether or not a resale home or new build is the right move for you.

First, A Few Statistics…

• Gen X (born between 1965 and 1980) makes up the largest generational segment of homebuyers right now at 24%. With a traditionally higher median income and home equity than Millennials, they are often better equipped to outbid younger homebuyers in today’s competitive marketplace.
• Homebuyers spend an average of 8 weeks looking for their next home and 43% of them conduct their own searches online before contacting an agent to show them a home. That lag between when they find the home they’re looking for online and when they schedule a tour may mean the difference between that home being on the market and being out of reach because it’s under contract.
• Houses are typically only on the market for an average of 38 days in today’s marketplace, causing a veritable frenzy among homebuyers.
• Interest rates are on the rise – as are home prices, creating an undeniable FOMO (Fear of Missing Out) vibe.

Perception vs. Reality

News of material and talent shortages have made new construction homes seem out of reach for many homebuyers, heightening the perception that a resale may be their only option. While both of those factors mixed with a rise in demand have led to price increases, if you are in a position to wait out potentially longer than usual construction timelines, new construction is still a viable – and potentially preferable - option for you. Not only will it provide you with an opportunity to build a home to meet your needs and design tastes, but it could actually prove more affordable than a resale in today’s market. 

According to a joint report issued by The U.S. Census Bureau and the U.S. Department of Housing and Urban Development on Monthly New Residential Sales for March 2022, the average sales price for privately owned homes sold was $523,900. And that price doesn’t include the cost of repairs or renovations you might want to complete before move-in. On the other hand, the average sales price of a new construction home via our friends at Realtor.com in a March 2022 article is $332,524 – with no need for repairs or renovations. Bear in mind that these are averages and – if you’re in the market for a luxury home – those average prices will shift upward.

If you decide that a new construction home is the ideal fit for you, Green River Builders welcomes the opportunity to be your builder. We are currently building in Stone Haven in Douglasville, as well as on Lakes Oconee and Keowee. We invite you to visit our website at www.GreenRiverBuilder.com to learn more about our communities and view our floor plans. When you’re ready to take the next step, please call our team at 770-790-1096.

Sources: 20 Most Crucial Real Estate Statistics for 2022 (fitsmallbusiness.com)

newressales.pdf (census.gov)

How Much Does It Cost To Build a House? Is It Cheaper To Build or Buy? (realtor.com)

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