There is much talk about purchasers preferring new construction and their willingness to pay up for it. While true, it does not mean that purchasers eschew older homes by any means. In fact, a large number of older homes sold in the prior twelve month period. There are several contributing factors: (a) many of the older homes have prime locations, (b) the property can be purchased at a discount if the house has not been renovated, (c) the smaller older homes often underutilize potential floor area ratios (home size allowance based on zoning) thereby offering untapped value and (d) the house may have been renovated more recently. The point is that purchasers understand a full range of attributes contributing to value.
The chart shows number of single family sales by period based on the year the house was originally constructed. The periods are lumpy with decades grouped together for older homes while new and like new homes are segregated (as a matter of interest). Although some renovation and addition data is available it is not reliable and subject to a fair amount of discretion.
There are numerous Open Houses on Sunday. (Contact me for access to Open House Reports).
If you, or a friend, are considering selling your home within the next year, call me now for a listing consultation. I will look forward to getting together.
