Local News and Information
Is a New Home Worth the Investment?
Despite the news headlines, individuals continue to buy and sell homes. According to an National Association of Home Builders (NAHB) analysis, in May 2022, 88% of homes sold were on the market for less than a month. For many Americans, owning their own home is worth the time and investment. Loni Marcus with Lake Homes Realty shares, “Even as interest rates increase, they are still relatively low compared to previous decades. As a lake real estate specialist, I continue to see a strong demand for lake homes in the Chattanooga area.” Marcus continues, “These homes are good investments in addition to providing a gathering place for family and friends. For those looking to sell or buy, now is a good time before interest rates increase even more. Lake homes and housing in general are great investments and buyer activity remains strong but is less chaotic. Today, we may see four or five offers on a house as opposed to 20 or more a year ago.”
The benefits of buying a home are numerous. New homes available on the market today are designed to accommodate a variety of lifestyles, from busy on-the-go families to flexible spaces ideal for spending more time at home. In addition, many new homes feature a variety of floor plans and amenities to complement everyday family activities.
And today’s homes are more energy efficient than ever. With innovative materials and construction techniques, new homes are built to be much more energy efficient than homes constructed a generation ago. As a result, not only can they be more affordable to operate, but new homes also are significantly more resource-efficient and environmentally friendly.
Building standards have changed a great deal over the decades, almost as fast as technology has evolved. Due to this evolution, new homes can accommodate today’s advanced technology and can be customized to meet the individual homeowner’s needs. And knowing that the house was built by a qualified professional to adhere to the latest safety codes gives the owner added assurance.
Many benefits are not tangible but similarly valuable. For example, one of the built-in benefits of many new homes is the forming of a new neighborhood. When families move into a new community at the same time, lasting bonds of friendship and neighborliness often form right away. Many home builders will host community block parties in these developments to help neighbors of all ages meet and connect.
For many people, a home is the single best long-term investment and a primary source of wealth and financial security. The contrast of wealth-building opportunities between homeowners and renters is striking. On average, someone who owns their home has a household wealth of $255,000 compared to a renter with an average household wealth of $6,300. Americans count on their homes for their children’s education, retirement, and overall personal sense of well-being.
For more information on the benefits of home ownership and local real estate professionals in our community, contact the Home Builders of Great Chattanooga at www.HBAGC.net.