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Yesterday’s New Homes Are Today’s Resale Homes

Seems obvious...of course yesterday’s new homes are today’s resale homes. But it also raises an obvious question: Are today’s buyers looking for yesterday’s new homes, i.e. are your buyers going to find what they want in a resale home?

The National Association of Homebuilders recently released its report Housing Facts, Figures & Trends 2004 (available for free download from www.nahb.org). This informative document is bursting with…well…facts, figures and trends. We turned to a table labeled “New Home Characteristics” to see if we could see any differences between what new home buyers of today purchase as compared to new home buyers of yesteryear.

A new home buyer in the 1950s was certainly shopping a different product than we see today. Over 60% of homes were less than 1200 square feet. In these new homes, over 60% of families had 2 bedrooms or less and 96% of these families happily shared 1.5 bathrooms or less (hopefully, not too much less than 1.5 bathrooms). These homes didn’t have central air conditioning and half didn’t have garage or carport to park the Bonneville. When it came time to sign on the dotted line, the new home buyer was expected to hand over, on average, 11,000 of his hard earned dollars.

A buyer in the 1970s was also grooving through a different home, probably wearing bellbottoms, and probably thought he or she looked good in them. By now, over 60% of all homes still remain less than 1600 square feet, half of all families are fighting over 1.5 bathrooms or less, three out of four homes will have 3 bedrooms or less and 1 out of 3 homes has the convenience of air conditioning. This new shag filled abode would cost $26,600 on average.

Winter 2003
Newsletter

Vegas Wasn't a Bust for the International Builders’ Show 2004

Despite Cold December Weather, New Home Sales Hot

Yesterday’s New Homes Are Today’s Resale Homes

Material World – Insulating Concrete Forms

Agent of My Success – Tony Greer

Q & A with
Dennis Walsh
   

By the 1990s, new homes have evolved into something similar to what the new home buyer of today would recognize. However, of these homes over half have two bathrooms or less, only 1 in 4 has air conditioning and a quarter of homes still have no garage or a single car garage. On average, a new home of the 90s was $150,000.

Obviously aesthetics have changed through the decades, but buyers of today are looking for something that goes beyond mere shag carpet and orange flecked Formica. On the average, today’s buyers want homes over 2400 square feet with 3 or more bedrooms, 2 or more bathrooms and central air conditioning. With more vehicles and big toys, most buyers also desire garages that can hold two or more cars. Are the new homes of yesterday in your market going to offer today’s new home buyers what they want in a home?
 

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