FAIRFIELD COUNTY, Conn. – In any town in Fairfield County, the topic of new construction homes certainly creates a lively discussion. And we at KMS Partners have found, you either love it or hate it. No matter what your opinion is...new construction is the hottest market niche in the marjority of towns across Fairfield County.
What makes new construction so popular? Buyers behavior, plain and simple. Today's buyer wants ease of transition...the latest trends in amenities, the most efficient systems, design teams to help select decor and finishes, top of the line appliances, builders warranties, smart home technology, low maintenance, fresh pain and gleaming finished floors for starters. What happened to the "fixer-upper buyer"? They are the minority buyer these days.
With all this demand for new homes, across various price points, naturally builders are going to search out properties to meet the demands of their clients. The result is increased competition for land, which drives up the land values, to the point where land is something more valuable than the house the land sits on. A charming 50 year old colonial, which has been lovingly lived in and in need of updates, is not going to attract an end-user buyer as much as a builder, assuming that the land is suitable for new construction home. Yep, your house could be worth more as a tear down. While these are broad statements, it is best to consult an experiences agent to ascertain the full potential of your property.
For those who loathe another posting of "tear down of the day," consider this scenario. An agent or builder approaches a homeowner with a legitimate offer to purchase the property. Cash, "as is," or with minimal contingencies, close at your convenience and an attractive purchase price for the property. The house is tired, in need of repairs and not appealing to buyers today. This is your nest egg, you are ready to move to the next cheaper of your life, it's an easy sale...suddenly a "tear down" doesn't sound so bad.
But what about the character of our towns? And who will be able to afford to live here? There has to be some balance to this phenomenon. We agree. At KMS Partners, we work with clients who have strong opinions on all these points. For our sellers, we honestly advise how they can maximize the potential of their property. Not every "resale house" is a tear-down. To the surprise of many of our resale clients, their homes are attractive to today's buyers. For our buyer clients who do want new construction, we are always in search of land and will navigate them through this process. When builders ask our opinions, we are not shy to express them. We love our towns and the characteristics unique to them. We encourage builders to strike the balance of new and New England when creating their projects. We also encourage our new construction buyers to do the same. We would love to hear your opinion on this topic!
For more information on this topic, contact KMS Partners at 203-454-5411 or visit http://kmspartners.com/.