There was an article in today’s Review Journal about new home sales or, rather, the lack of them. It posited many reasons for this which you can read if you like – here’s a link to the article:
One argument the article does not make is that houses are selling for less than replacement value right now. Economically, it simply does not make a lot of sense to buy a new house. Of course, buying a home is not just an economic decision. It also is an emotional one, a desire for stability. For those who want to pick out the home finishes, a new house may be the perfect answer. However, if one can get a home which meets all your needs and can be obtained for a price which allows for the desired improvements to be made by oneself or a handyman or contractor, the current housing situation provides a lot of opportunity.
Want to see what is available in the resale market? Click here to peruse the MLS to your heart’s content.