If you’ve been thinking about buying a home, now might be the perfect time—especially if you’re considering an existing home. With the cost of lumber fluctuating due to uncertainty in international trade, the price of newly built homes could be on the rise. That’s leaving many buyers looking toward pre-owned homes as a smart and cost-effective alternative.
“Buying an existing home comes with a lot of advantages,” says Scott Saxton, Broker-in-Charge at Just For Buyers Realty. “Not only are they often more affordable than new builds, but they’re also in established neighborhoods with mature landscaping, and you don’t have to worry about the delays or added costs that can come with new construction.”
While the housing market has been competitive, the potential increase in new construction prices could shift demand even further toward existing homes. Buyers who act now may find themselves getting more home for their money compared to waiting for new builds that could see price hikes in the coming months.
Beyond price, existing homes offer other benefits that new construction simply can’t match. Many have unique architectural features, larger lots, and are move-in ready without the hassle of waiting for a build to be completed. Plus, with supply chain issues still a concern, those choosing new construction could face longer wait times and unexpected cost increases.
For buyers looking to get the most value, this period of market uncertainty could actually be an opportunity. By exploring existing homes now, buyers can sidestep potential price jumps and secure a home in a community that’s already well-established.
If you’re in the market for a home, it may be time to focus your search on pre-owned properties. With shifting costs in the construction industry, an existing home could be the smartest move in an unpredictable market.