Whenever you understand as much as possible about your competitors, you’re in a better position, which holds especially true when concerning selling an old property. There are many differences between selling an old and new property, including the potential market value and final sales price, with the new property selling at substantially higher prices.
With a more thorough understanding of the differences between old property and new, the current available inventory, and recent sales history, you’ll be armed with the necessary information. If you’d like to learn more about these differences, read on as we explore the five differences between selling an old property and a new property in Durham.
Carrying Costs
Carrying costs, or holding costs, is one of the significant differences between selling an old property and a new property in Durham. An old property typically has a history of wear and tear, requiring potential buyers to consider factors like maintenance costs, renovations, and repairs. In contrast, a new property is typically in pristine condition, requiring minimal immediate repairs or upgrades. You may also be carrying traveling costs and the expenses of another property if you’ve moved before selling. Professional buyers like those at Jiffy Offer can help you understand the potential costs.
At Jiffy Offer, our professional buyers provide a guaranteed closing date, often within days.
Pricing
The pricing of an old property is often influenced by factors such as market conditions, property age, location, and recent renovations. Comparables, or similar properties recently sold in the area, are usually used to determine the price. In the case of a new property, the developer or builder often sets the price based on construction costs, land value, and the current market demand.
Rarity
Another difference between selling an old property and a new one in Durham is that older properties tend to have an architecture with distinct features; if very few like yours are available, you could demand more. Selling an old property may require different marketing strategies compared to a new property. For an old property, the focus may be on highlighting its charm, character, and potential for customization. The professional buyers at Jiffy Offer can help you understand your market position, target buyer, current market value, potential carrying costs, and more to help you decide on the best way to sell your property.
Buyer Preferences
Buyers interested in old properties may be seeking unique architectural features, established neighborhoods, or larger lot sizes. They may also prioritize factors like proximity to schools, shopping centers, or transportation. New property buyers, on the other hand, often seek modern amenities, energy efficiency, open floor plans, and the peace of mind that comes with a brand-new construction.
Modernity
More modern technology and up-to-date safety in the materials used in new properties make them more desirable. Marketing for a new property often emphasizes its modern features, construction quality, warranties, and incentives offered by the developer. This difference between selling an old property and a new property in Durham may mean that improvements are necessary to compete.
At Jiffy Offer, our professional buyers buy properties as is, so there’s no need for the cost, hassle or time involved in improving your property.
Market Saturation in Durham
If older properties are flooding the market, you may need to adjust your sales price or make improvements to stand out. Professional buyers like those at Jiffy Offer can help compare what you’d profit by listing as-is or making improvements vs. our offer for a direct sale. At Jiffy Offer, our professional buyers will detail every figure used to make a cash offer that you’ll agree is fair.
Layout
Newer homes conform to more modern trends, another difference between selling an old property and a new property in Durham. Professional buyers like those at Jiffy Offer can help determine if your property requires remodeling to current standards. At Jiffy Offer, our professional buyers know this may be one of the largest transactions of your lifetime, and we want to help you make an educated decision about selling. We are your neighbors here in Durham and we are transparent at Jiffy Offer because we want you to feel good about working with us long after you’ve left the closing table.
Professional buyers at Jiffy Offer know the differences between selling an old property and a new one in Durham. When you sell directly to a professional buyer at Jiffy Offer, we make it easy and uncomplicated. At Jiffy Offer, we’ll walk you step by step through the process, saving you time and money with our full-service in-house professionals. At Jiffy Offer, we handle every transaction phase without closing costs, commissions, or hidden fees. If you have questions or concerns, including a request for a specific closing date, talk to one of the pros at Jiffy Offer today without any obligation. Call Jiffy Offer at (919) 324-0891.