Real Estate Blog

Introduction:

When it comes to purchasing a property, one important factor to consider is its resale value. Whether you're investing in a new build or an existing home, understanding how these options hold their value in the market can help you make an informed decision. In this informative blog post, we will conduct a detailed analysis comparing the resale values of new builds (homes constructed 2020 and onwards) and existing homes (built before 2020) within Park City Limits (excluding areas beyond the white barn). Stay tuned as we explore various factors influencing the market value of these properties.

Resale Value of New Builds

New builds are known for their modern design and updated features. On average, these homes have a bright and spacious layout with an average square footage of 4,094. However, such luxury comes with a higher price per square foot, averaging at $1,432.72. This puts the average list price for newer builds at $5,684,214.29, with an average sold price of $5,428,429. Furthermore, new builds tend to stay on the market for approximately 99 days before being sold.

Resale Value of Existing Homes

Existing homes, on the other hand, offer their own unique advantages. With an average square footage of 4,194, they provide ample living space for homeowners. The price per square foot for existing homes is relatively lower, averaging at $1,051.27. Consequently, the average list price stands at $4,490,434.13, with an average sold price of $4,195,531. These homes tend to sell quicker than newer builds, spending an average of 61 days on the market.

Factors Influencing Resale Value

While the price per square foot and days on the market provide insight into resale value, it's important to note that other factors also play a crucial role. Location plays a significant part in determining a property's desirability and subsequent resale value. Access to skiing, golf, amenities, access to I80 and the Salt Lake International Airport, and proximity to other popular locations can greatly impact the property's appeal to potential buyers.

Considerations for Buyers

When contemplating between new builds and existing homes, it's essential for buyers to evaluate their priorities. New builds offer the allure of modern design and contemporary features, albeit at a higher price. On the other hand, existing homes may provide a greater variety of locations and more favorable pricing. It's advisable for buyers to consult with professionals in the real estate industry who can provide personalized advice based on their unique circumstances.

Conclusion

Both new builds and existing homes can hold their value well in the real estate market. While new builds come with higher price tags on average, existing homes offer their appeal with lower cost per square foot and quicker selling times. Regardless of the choice, factors such as location, amenities, and market conditions should be carefully considered. By analyzing these aspects, buyers can make a well-informed decision that aligns with their preferences and long-term investment goals.