With inventory remaining relatively low across Northeast Ohio, we’ve noticed homebuyers being more likely to head toward new construction opportunities. As one of our seasoned agents at The Young Team, Anna Lloyd, aptly observes, “This shift is attributed to various factors, such as a desire for worry-free living, fewer options in the current housing market, and a strong preference for the modern conveniences offered by brand-new homes.”
The Appeal of Move-In-Ready Living
Buyers today are seeking the convenience of turnkey living. With fewer options in the existing housing inventory, many are opting for new constructions to avoid the hassle of renovations and updates. The prospect of moving into a home where everything is fresh and up-to-date is a powerful draw for those who value their time and want a seamless transition into their new living space.
Especially for the Greater Cleveland area, where the city offers you a strong economy and affordable living. According to NewHomeSource.com, there are 101 new communities in the area and more than 500 new homes listed.
Features to Look for in New Constructions
What makes these new constructions so appealing? Our expert insights reveal that open layouts, modern and trending finishes, low maintenance requirements, and high efficiency are among the top features that buyers desire. These elements not only cater to contemporary aesthetics but also align with the practical preferences of today’s homeowners who seek both style and functionality.
According to redfin.com, there are over 2,000 people interested in moving to Ohio compared to those looking to move out. This could be attributed to the state’s better quality of living and affordability in home buying. With that being said, if we continue to see more buyers than there are pre-built homes for sale, new construction will continue to remain a popular option.
Ideal Buyers For New Construction Homes
Understanding the market is crucial, and our team sheds light on the types of buyers most likely to be drawn to new constructions. These include individuals not in a rush to move, experienced homeowners looking to design their long-term residence, and those accustomed to the ease of apartment living. For these buyers, the prospect of a new, customized home outweighs the potential challenges of older homes requiring more maintenance.
The Cost of Building a New Home
Insights from Houzeo.com point out that new construction often costs more than a move-in-ready home “Typically, you would spend 9 months to build your house. In case you don’t hire a contractor and choose to DIY, it can go up to 12 months.”
In Ohio, homeowners spend $372,480 to build a house on average, which is $137,280 more than the median sale price. Costly labor, supply chain challenges, and rising material expenses can significantly impact your budget. According to marketing experts at TheYoungTeam, historically, new construction has been more expensive than buying a pre-built home. However, we are seeing more builders offering incentives to buyers to level the playing field. These incentives may include special mortgage rates, buydowns, upfront money for home upgrades, down payments, or closing costs.
If you’re looking for a more affordable home, consider the option of purchasing a move-in-ready home.
Bottom Line
As Northeast Ohio’s market evolves, the trend toward new construction stands out as a reflection of changing buyer preferences and low pre-built home inventory. The appeal lies not only in the modern features and turnkey living but also in the opportunity for buyers to actively shape their long-term homes. Understanding the motivations behind this shift empowers both buyers and sellers in navigating the dynamic market with confidence.
To learn more about all our exciting developments and explore the opportunities they offer
visit our web or contact us.
