With the spring real estate season underway, industry experts are talking about the value of newness to homebuyers and builders.
New-home construction is considered by some experts to be a key indicator of the housing market's overall health, “where the rubber meets the road,” according to J.P. Morgan Chase chief economist Anthony Chan, speaking at Chicago Agent magazine’s recent Accelerate summit. Key to a successful sales and marketing strategy, experts posit, is the ability to convey that there is no time like the present to buy, and to buy a new home.
Alex Martin, Toll Brothers division senior vice president, said buyers often enter the process thinking they can afford less than they actually can. Reasons for this abound — and most buyers start with the obvious ones, like knowing they won’t have to replace aging appliances.
“Folks a few years ago would be buying based on monthly payment alone. Now we can say: You can actually afford more home than you think, because your bills can be lower. It’s a huge revolution in our business,” Martin said.