Hi there, Arlington!
As a REALTOR®, one of the most frequent questions I’m asked is, “How’s The Market?”
As I answer the question for a number of people, I thought this would be information helpful to share on a broader scale.
So, welcome to another edition of How’s The Market? This is where I update you on the housing market in and around Arlington each week.
Frequently, I’m asked about the difference between buying a new home and an existing home. So for this episode, I’m comparing new construction homes vs. resale (existing) homes in Arlington.
I hope you enjoy this episode of How’s The Market?
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Hi, This is Keela McGraw with CearnalCo Realtors here in Arlington, Texas with another market update.
Today we’re going to be looking at new construction homes versus resale homes. When I say resale homes, those are homes that have not been built within the last year.
In the new construction area, the average sales price in 2016 was about $361,000. In 2017, $358,281 and in 2018 about $372,000.
You can see between 2016 and 2017 there was actually about a 1% decrease in the price of the average price of homes for new construction. That’s about $2,600.
But in 2017 up to 2018 there was a 4% increase and that’s about $13,000.
For the resale homes, the average sales price in 2016 was about $182,000. In 2017 about $200,000 and in 2018, $214,763 so far.
From 2016 to 2017 that was about a 9% increase which is about $17,000.
Between 2017 and 2018 that’s actually about a 7% increase which is about $15,000.
So what does this mean? Simply if you are a homeowner and you have a pre-existing home, then you can see that your equity is increasing year-over-year which would be a great time for you to get into a new construction home and tap into that equity.
I do have a little secret about the new construction homes. There are some ideal months we can get about a 2 to 3% discount I’m willing to share that little secret of information with you if you send me a text message or email. That can average about $7,000-$11,000 off the price of the home.
So that is a great discount you can take advantage of if you were interested in a new construction home.
There are plenty of new construction homes here in the Arlington area. We have Seclusion Ridge, Twin Hills, Calendar Crossing and of course Viridian.
Texas Live is coming very soon and they will have some condos and Townhomes available.
Again this is Keela McGraw I help you see the information as being helpful and of course I’m here to answer any questions that you have about buying or selling. Just e-mail or click the link below and I hope that you all tune in soon to my next episode. Thanks for watching
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