I have a customer that wants to look at new construction homes.  I got to looking at the listings they want to look at and I began to ask myself if New Construction homes in the Greeley Colorado Real Estate Market are really worth their price. 

Here are some statistics for new construction in the Greeley Colorado, Evans real estate market. 

In the last 6 months there has been 55 new construction single family homes sold in the Greeley Colorado area.  The average price of these homes was 201,004 with 170 days on the market.  The days on the market for new construction is rarely accurate as most builders pull their listings on and off the multiple listing service so they appear to be new listings.   Some new construction homes have been for sale for 2 years.   Compare that with the average sold price of all homes on the market which is about $145,000. 

The lowest priced new construction home sold in the last 6 months was $119,000.  The most expensive.  $600,000. 

Currently there are 32 new construction homes on the market priced from $139,900 to $1,300,000.  The average price is $366,415.  The average time on the market, and again this isn't that accurate, is 170 days. 

You can see the lowest priced listing here.  And the highest priced listing here.   

This is just my opinion based on my market knowledge.  That lowest priced listing for $139,900 is in a neighborhood where you can find a fairly nice foreclosure or short sale home that basically just needs cleaned up for about $110,000.  Sometimes less.  I'm not even sure where the builder is getting the appraisals to come in at the value they are selling their homes for. 

As for the $1,300,000 new construction listing.  It was completed 2 years ago.  There aren't many listings around at that price range.  This home is quite nice.  But if it were me looking to buy a new construction in this price range I would just buy a lot and build exactly what I wanted.   Most likely for under $1,300,000.   $75,000 of that price is most likely in real estate commissions. 

There is something also to consider when buying new construction in Greeley Colorado or anywhere else.  Especially the lower priced new construction.  Look at the neighborhood that the new construction is being built in.  Is that neighborhood pretty well built out or are there a lot of empty lots?  Empty lots sometimes mean that the builder is going to keep building homes possibly just like the one you buy for a few years to come.  This means that the price for your home will not be appreciating all that fast if at all.  In some cases like the $139,900 listing.  If you were  to need to sell that home within a year you would have to price it much lower then what you bought it for. 

My opinion based on my knowledge of the Greeley Colorado Real Estate Market is that from an investment standpoint buying a new construction home is not a good deal.   Especially if you only plan to live in the home a couple of years. 

Why would someone want to buy a new construction home? 

Well if you like that new home smell for a couple years it's a good idea.  But then you could repaint and put in new carpet in another home and get the same smell. 

If you don't like living in a home that someone else has lived in then new construction is a good idea. 

If you want to design your own landscaping from scratch then a new construction home might be a good idea as most don't include landscaping. 

Also if you want to design a home and either build it yourself or have a general contractor build it just the way you want then new construction is a great option.   At least then the home could be unique in either a good or bad way. 

There are several other reasons and I'm sure a new home salesman would be more then happy to give you them, but I won't go into them here. 

If you would like me to send you a list of all the new construction homes in the Greeley, Colorado area I would be happy to.  As well as any other type of property you would like. 

For all things Greeley Colorado Real Estate visit www.greeley-weldcountyhomesforsale.com.  If you have any questions please give me a call at 970-302-1233 or just shoot me an e-mail using the form below. 

Marc Oster

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