Are re-sales of homes subject to comparison with the ... - Zillow Real ...

I'd recommend that you look to a local building association with metrics on developers and building costs in a specific neighborhood.? Over the last 5 years building has come at a real discount but I think those times are coming to an end. Lots of spec builders were happy to find a buyer with the ability to finance the purchase of a lot and the construction of a home.? the market is moving towards something much more typical.

My experience has been that the reason to build a home, buy a new spec home or buy a resale has next to nothing to do with cost per square foot. The vast majority of home buyers typically start with (after their budget is established) What neighborhood do? want to live in?? How is it performing?? Where are the schools? How are they performing? What character of home do I like?? What kind of floor plan do I want?? Where are the bedrooms?? The issues that Zillow focuses on.

The notion of dollars per square foot works for a track of spec homes and that's about it. Custom homes are exclusively driven by the owner's own taste and resales in older neighborhoods,that weren't built in the track home era, have too many nuanced differences for that to bear any comparison. What one consumer wants to pay for fit and finish has little bearing on the next buyer who may prioritize the school district.

The number of those customers who have the the stamina for spending the time and money to consider building is miniscule.? You can see this in the volume of dollars spent on new construction vs resale in any market. The typical consumer is far more emotional and places a higher value on metrics of how a specific neighborhood is performing than exhausting all the options of an investment in real estate.

So I'm going to say that the consumers interested in those metrics are developers who have a vested interest in how to price their specific product for the specific neighborhood that they are building.? Hence the referral to developer associations.

Source: http://www.zillow.com/advice-thread/Are-re-sales-of-homes-subject-to-comparison-with-the-costs-of-constructing-a-comparable-home/466243/

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