This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: We are ready to move into a house we’ll raise our family in and are set on Arlington. We want a newer home, but are not sure if it’s better to buy new construction or resale; our decision will ultimately be a financial one.
Can you put together numbers that show how the sale prices of new construction compare to resale?
Answer: Of course I can! When weighing the financial decision of new construction vs. resale, you’ll also want to consider the replacement cost of major systems like HVAC, windows, roof, water heater, appliances, etc. that carry life cycles of 10-30 years (appliances being on the early side, roof/windows coming later) as well as higher efficiency factors of new homes that significantly reduce utility costs. Many new homes also come with extended “bumper-to-bumper” warranties that you won’t get in resale.
As expected, there’s a clear premium to be paid for new construction and buyers tend to negotiate a deeper discount from the original asking price on homes being resold. The dataset is based on sales since January 1, 2014 for detached homes built since 2000 with 4-6 bedrooms, 3-5 bathrooms, and 3-4 levels.
Are these numbers in-line with what you expect to see on the difference in sold price between new construction and resale? Are the prices about what you assumed for new/newish homes by zip code?
If you’d like a question answered in my weekly column, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.
Good Friday evening, Arlington. Today we published 6 articles that were read a total of 14680 times… so far. 📈 Top stories The following are the most-read articles for today…
Police issued a traffic ticket every six minutes, on average, during an enforcement effort in front of Nottingham Elementary on Thursday afternoon.
Police swarmed the Rosslyn neighborhood after an alleged thief led an officer on a brief foot pursuit.
It’s holiday time and the lights are coming on in Arlington. Over the next several weeks, a slew of tree lightings, Santa visits, markets, and holiday celebrations are happening around…
Join us December 10 & 11 for our Annual Handmade Holiday Workshop Series. We have a myriad of fun and festive programs from linoleum block wrapping paper printing and buttonhole book making workshops led by Eliza Clifford to a meditative grid workshop and Calligraphy Card Making with Anjelika Deogirikar. Join these wonderful artists and get creative this holiday season!
If you’re looking for a mental health professional in Virginia, Washington D.C., or Maryland, we can help.
We provide a confidential and convenient way to get the help you need from the comfort of your own home.
We offer a free 15-minute consultation to see if our services fit your needs.
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Join us as we celebrate the holiday of Chanukah! Enjoy delicious Latkes, hot cocoa, donuts and more!
Clarendon Menorah Lighting and Community Celebration
Experience the festival of lights!!
*Lighting of a giant 9 foot Menorah