Should I Buy a New Home or a Newer Home in the Santa Maria – Orcutt CA Market?

Buying a new home versus a newer home can be a difficult decision. I’ve found that some buyers just cannot see past the gleam of the perfectly manicured model home. I am often asked by buyers which they should consider, new or newer. In today’s declining market, there is often a big difference price wise between the two. Some people believe that it is better to buy a two year old home rather than pay the premium of a new home. Indeed, a low price will result in a lower tax base in the years to come. And, there are certainly plenty of almost new homes on the market due to the wave of foreclosures that have hit Santa Maria and Orcutt. But for some, only a new home will suffice. I can certainly understand both positions.

Some resale homes are “better” than new because the owners have maintained them well and updated or upgraded all the features. Whereas, most new homes come with the bare minimum of features unless they are upgraded, which home builders charge a premium to do. Now, with the addition of the $10,000 California tax credit, and the $8,000 federal tax credit, the difference between the two is narrowing. Surely, every first time home buyer would enjoy an $18,000 check to upgrade their new home to their taste. If you are considering buying a new home, make sure to have your agent pull the comps of re-sales in the area so you now the difference in costs between the two. A sales agent in the new home development will not do this for you because they work for the developer only. This is one of the reasons that it is essential to have your own agent even when buying a new home.

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

  • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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