market-value-home1According to a recent news article, value is now the top item on homebuyers agendas, filling a slot that once belonged to location. While location is still high up on the list of considerations, the article points out that value and affordable pricing is top of mind.

This new “smart shopping” means that buyers are considering the pocketbook more closely instead of just opting to buy the biggest house on the block. Energy efficiency and utility bills are some of the things affecting these considerations.  As Deborah Beaver, vice president of the Chicago Division of William Ryan Homes points out, it’s all about square foot.

She also notes that it’s about useful square feet. Great rooms and open foyers are being overlooked in favor of larger family rooms, finished basements and extra bedrooms. Flexible and usable space is important to today’s buyers. Builders, too, have been affected by the economic overhaul and have found the need to rethink space and increase efficiency.

In addition to price, finding a good neighborhood is also a priority for homebuyers. Communities such as Seven Oaks offer proximity to attractions and shopping malls. Residents also enjoy added value from the community amenities, including swimming pools, walking and biking trails and sports courts. These are all included as part of living in the community and provide convenience for those not looking to travel far for a workout or fun.

Another new trend is the competition homebuilders are now facing from resales. New homes challenged by low-priced existing homes are being competitively priced. Studies show that buyers interested in new construction homes are also looking at resales, short sales and foreclosures, whereas these same buyers in the past remained focused on new homes alone.

One of the biggest advantages that new homes offer over resales is the greater value found. New homes don’t require immediate changes or maintenance and tax assessments on a new home tend to be lower in the first year as the home is only taxed for what the buyer paid. New homeowners may also enjoy lower homeowners insurance prices as the home is often covered by warranties.

People see great value in being able to move into a home that is their own – unique to their tastes – and not have to “settle” for a pre-existing construction. Being able to enjoy the newness is also a benefit over having to immediately invest money into updates and repairs.

For more information on how you can become a part of the Seven Oaks community in the home of your dreams, make an appointment to visit.