Many home buyers love the idea of a shiny new home where they have chosen the floor plan and all the finishes. With a shortage of homes on the market in the greater Twin Cities area, buyers are finding few choices in existing homes and are turning to new construction as an option to find their dream home. Becky and I thought it would be interesting to compare prices for existing homes and new construction. Turns out, there is a very large difference in price (see graph).
The average sales price for a new home in Hudson is $275,070. That’s up 17.3% in the past year! Home builders are still recovering from the significant drops in prices in 2011. The market for existing homes is quite different, with an average price increase of 5% in the past year to $228,605.
Now, the first thought one might have is that they are building bigger homes nowadays. But, if you look at the second graph, you’ll see the difference in average price per square foot. $125 per square foot for new construction versus $99 for an existing home.
There is tremendous value in buying a pre-owned home. For many, they prefer a home with the character that time brings, not to mention mature trees and the larger yards that most older neighborhoods provide.
Becky and I are experts in the Hudson area real estate market and would be happy to talk with you about your home buying and selling options. With a degree in home construction, I am uniquely qualified to help you navigate the maze of new construction options or help you determine the scope of work that may be needed should you wish to buy or sell a pre-owned home. We are both licensed in both Minnesota and Wisconsin.
John Durham – 651-231-2191
Becky Durham – 651-231-2192
becky@durhamexecutivegroup.com
Housing statistics and information provided by John and Becky Durham are based on data available as of May 15, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.
John and Becky are real estate agents with backgrounds and work experiences that set us apart from our competition. We are both educated with post graduate degrees and have worked in upper bracket professional management positions in both business and educational settings prior to real estate. We know how to work with all social and economic clientele - whether it's a first time buyer, or a multi-million dollar client. We put the emphasis on ‘EXECUTIVE LEVEL' service regardless of the size of the transaction.
Our mission statement embodies putting the client first. We recognize the importance of listening to, and fully understanding our clients' needs and concerns. Each of us brings a unique set of marketable skills with none more important than integrity and honesty. We give our word that there will never be a transaction we are involved with that is not handled with professionalism, honesty, and integrity. Additionally, we pride ourselves on our communication skills and the ability to market and negotiate our client's properties with superior results. In fact, our efforts were recently recognized with an award for our client marketing. This is a prestigious award only a few agents in the Twin Cities receive from the National Association of Realtors and Realtor.com.
John and Becky Durham
REMAX Results
604 Bielenberg Drive
Suite 100
Woodbury, MN 55125
Voice (651)231-2191
Fax (651)735-8246
John@DurhamExecutiveGroup.com
