The Virginia Real Estate Market Continues to Benefit Buyers and Sellers

New Construction vs. Resale Homes

In the January issue of House and Garden Magazine seventy percent of the readers answered a homeowner's poll. This poll revealed that a majority of home buyers would prefer to live in a newly built home, as opposed to an existing home. In my experience, I find that existing homes being sold in neighborhoods that have new construction projects are often on the market longer. The sellers also have a tendency to overprice the home or property, which causes them to loose valuable market time and to overlook good potential buyers. Overpricing your home and then dropping the price over time is not a useful strategy in today's real estate market. It is better to work with an experienced real estate agent and list your house for what it is really worth. Other information gathered in the poll showed the following results: thirty-eight percent of home buyers want a media room or a home theater, seventeen percent want a home spa, ten percent want a wine cellar, ten percent want a guest suite and nine percent prefer a personal dressing room. These types of special features are wonderful additions to your new home however; this level of comfort will be reflected in the price of the home.