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New Home or Used? Which is the Better Buy?


Before I was a licensed Broker – Realtor, I did what every buyer-consumer does when they start considering a place to call home.  Back then there weren’t any homes on the Internet to help with the pre-search.  You just got in the car and drove, it helped that you knew the area.  I looked at resales or the used homes and decided I wanted NEW, a home that no one had lived in, one that I could make my own.  However, generally speaking a new home will not appreciate in value as a resale – you will have to wait longer to see those $$$$ signs. No quick flip like in kinder, gentler times…

Fast forward to today and knowing what I know as a licensed professional and the real estate climate today.  If you are a buyer looking to buy in the Park Cities, Preston Hollow, Uptown or Oak Lawn – it’s your lucky day if you’re in the luxury market, lets just say over $500K.  Building your own home from scratch is rewarding, time consuming and expensive – you will spend more than your think, especially if it’s your first time to go through the process, change orders is something you need to be aware of….

Today,  if you are looking to buy in the inner loop this just may be the best time to buy.  Not building a new home but buying a spec home that’s just sitting vacant.  They come in all stages – some are finished to perfection and others are only half way through the process.  Some are foreclosures and some are short sales and some are builders just barely hanging on.  At this point in time most of these properties will be on the MLS.

For example,

Just in Park City zip codes 75205 and 75225 – Highland Park schools only – there are 79 builders homes starting at 995K.  If you have cash or can get the financing this is the best time to buy in the Park Cities and Preston Hollow – without a doubt.  In Preston Hollow there are 107 listings of builders homes from 150K to 1.5M.  This is the most inventory ever seen at these levels – you can have your price and cherry pick too.

Take a look at this portal for some of the best buys in Dallas Luxury Real Estate. This link is always available from the right side bar of this site – click the shady picture and find the pretty homes…Uptown and Oak Lawn too.

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

Comments

  1. Sounds like a wonderful opportunity. The picture you’ve provided certainly makes the home look very inviting and promising to new buyers.

  2. New Homes and older homes taken to the studs and remodeled make up the majority of the inventory in 500K and even more so in the million dollar range. It’s like being a kid in a candy store.
    Great opportunities to buy in Dallas now, especially in luxury real estate.

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