04 August 2015

New vs, Existing Homes For Sale in Tooele UT

I found some interesting info about buying new vs. existing homes last week. The article was submitted by Heather Taylor & was titled "different buyer preferences". Ms. Taylor included some great graphics that add to her narrative. I thought it might be helpful if we demonstrated how to search for those preferences. 

So, here goes: how to search for houses in Tooele UT using some of the parameters. Most of the time was focused on the major towns around the county, Stansbury Park, Grantsville UT, Erda Utah, and Lake Point as well as Tooele City itself.

The search discussion will center around the following searches in each of the cities.

  • New vs. existing by price
  • New homes vs. older by sq.ft.
  • lot size new construction vs. resales 

Lets start with the area with the most listings, Tooele City.

Tooele City:

  1. Log in to the search form @ Tooele County homes.
  2. Activate TOOELE CITY in form.
  3. When you want your search to display new homes activate 2015 in the year built category. (along left side of form)
  4. Default.position is ALL.
  5. To find price comparisons simply select price options in upper left hand corner of the form. ( entering price from & price to parameters).
  6. Be sure you switch from new construction to no preference to differentiate.
  7. To compare homes by sq.footage, activate appropriate box on template, being sure you check the "new" or "no preference" setting.
  8. When comparing lot size you can can figure yard size closer by making allowances for the footprint of rambler style homes vs. two story or tri level homes.

Examples of some searches:

Of the over 380 homes listed for sale in Tooele County, over 90 were built this year. Average price of new homes in the county is about $267,600 ($90.00 sq.ft.) while the price of existing homes listed is around $230,000. ( only $2.00 sq.ft. less than new construction).

Different Buyer Preferences? New vs. Existing Homes

If you have ever wondered what drives a home buyer to select a particular home look no further. The American Housing Survey provides insight into the home buying process. The top two reasons for choosing a home were its size (cited by 76 percent of buyers) and room layout/design (74 percent). The house’s price and the neighborhood were each cited by 72 percent of home buyers. For buyers of new homes, room layout/design, neighborhood, exterior appearance and construction quality tended to be even more important than for other types of buyers. Among first-time buyers, on the other hand, price was more often a consideration (see Graph 1).

buyer choice

The neighborhood a home is located in, also plays a major factor in home selection. The top two reasons for choosing a neighborhood were “the house itself” (cited by 85 percent of buyers) and safety (71 percent). Safety, looks/design and to some extent good schools tended to be more important to new home buyers than to other types of buyers. Proximity to work and friends/family tended to be more important to first-time buyers (Graph 2).

neighborhood choice

Home buyers looked at 10 different homes before deciding which one to buy (median). About half of the buyers used their saving for a downpayment, 17 percent used the sale of a previous home, and 11 percent purchased their home without a downpayment.

A deeper investigation into home buyers, the homes they are buying, and why they are buying them can be found here.

A little about down payments. Tooele County is still considered a "rural area" therefore qualifying for 100% financing thru the USDA.

This loan requires NO DOWN PAYMENT, so home buyers looking in the Salt Lake Valley for a home, but are a little strapped for cash might want to consider driving the 25 miles west to buy their new or existing home.

For more information about buying new or existing  homes for sale in Tooele Ut, give me a call.; Berna Sloan 435-840-5029.

 

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