2022 Boise Idaho Real Estate Blog

Boise Idaho Real Estate Report- Why are new homes more expensive?

Main Idaho Real Estate Insights
The average price of new homes in Boise Idaho was $50k more than a used home for sale in June 2012. That is a lot of money but the value is also much greater. New Homes for sale offer BETTER. Who does not want better?

Boise Idaho Real Estate Insights

The new construction industry inBoise Idaho is thriving! Currently there are not a lot of homes for sale to consider relative to the size of the market. Without many options people are not finding what they are looking for in used homes for sale so they are turning to new homes.

The Boise Idaho Real Estate market is getting a lot of exposure for the recovery it is going through. Prices have been rebounding steadily as home buyers are back looking and buying, including investors. In June 2012 the average price of an existing home for sale was $199,544 and a new home sold on average for $252,063.

That is quite a discrpency in prices, over $50k? Why are new homes so much expensive? If we looked at the data closer and scrubbed out some of the sales price data we could make some adjustments that would bring the numbers closer together but generally new homes are always selling for more.

One thing to keep in mind is that all homes are relatively the same price. When an appraiser valuates houses, they consider all homes equally. They compare how much similar nearby homes sold for when determining the value of the house they are working on. This means that builders can't necessarily sell the home for any price. It has to appraise, at least if there is a mortgage loan involved.

When you are comparing the price of new homes to used there are several things to keep in mind-



A Floor Plan You Desire

You get to select the exact floor plan and layout you want based on the way you and your family need and want to live. If this home is for sale you can move in quickly or you can choose the building lot and move in between 60 and  120 days on average.
Used Homes for sale offer...

An outdated floor plan and layout that was based in the way someone else wanted to live. You would need to adjut to what you get.


The latest in curb appeal

You get the trendiest and most durable stone, brick and wood siding on the exterior of your home. You can even choose colors, design and texture if you decide to build
A used home may offer....

An outdated and weathered exterior when you really wanted something fresh. Be prepared to replace the roofing if it is to old in hte next few years


Amenities and Options

You have the opportunity to pick all of your selections, from the cabinets to the carpet, everything is new and chosen by you!
Or Settle For...

someone else's style until you can afford to redecorate according to your tastes.


Todays style and Design

Your home can contain all the latest architectural benefits, like 9 ft or cathedral ceilings, expansive closets and modern kitchen and baths.
Or take what you get...

Again if coul dchoose the floorplan and ensure the home has enough storage and other design specifications


Little Maintenance

Your new home construction contains all new products with the latest technology that are meant to last a long time.
Or Budget to fix it...

An older house where things tend to go wrong periodically, and where there’s always something to fix or replace.


Built to Today's Energy Efficient standards

Your new home is built with new efficient appliances, walls, ceiling and floors with more insulation, dual pane windows and new efficient heating and cooling systems, all of which saves you MONEY.
Or Pay a lottle more...

A house built with 2x4 construction with less insulation in the walls and ceiling, single pane drafty windows and a less efficient heating and cooling systems that heat and cool some rooms better than others.


Modern Conveniences

Many modern items with new technology are included such as built-in dishwashers, refrigerators, microwaves, hardwired fire & carbon monoxide detector, security, speaker, media and computer networking wiring.
Or Go without...

An older house with items with older and possibly inconvenient technology.


Built to Code

Code regulations change all the time and your new home incorporates the newest in building code, building technology and consumer safety issues.
Or live in a home built to yesterday's standards...

A house with nonconforming building code and consumer safety issues. Worst case you may have to change certain items in order to get a Certificate of Occupancy.


New Home Warranty

Your new home comes with a 10-Year New Home Warranty.
Or Cross you fingers...

If you are lucky, the previous owner thought to keep some manuals on the appliances in the house, but other than that, warranties have long since expired. You also hope the home inspector caught everything and pointed out the trouble areas.


Emotional Factor of Newness

There is nothing like owning something that’s brand new, built to your specific taste, that has never been used time and again by somebody else. Plus, after all those years of hard work, You Deserve New!
Or Settle For...

A used house built for someone else’s taste that has been used and lived in by one or more other people.

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Posted by tlangford at 7/18/2012 12:43:00 PM

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