According to the Associated Press, the median existing-home price hit a record $417,500 for September, while 30-year mortgage rates reached 7.4%.
Even with high prices and mortgage rates, a new nationwide survey from Williams Homes reveals what Americans are still willing to pay more for in a new-construction home.
Here’s a look at what the survey found:
- 80% of Americans would consider buying a newly built home in the next five years
- 95% say energy-efficient features are important when choosing a new-build home, and buyers would pay an average of $42,793 more for significantly better energy efficiency
- 76% would choose a home from a highly reputable builder even if it cost more
- Over 1 in 3 say a large or open kitchen is the one feature they’d prioritize above all others
The report also found that nearly 1 in 3 Americans cite fewer repairs and maintenance as their top reason for choosing a new-construction home, while nearly 2 in 5 say price is the top reason they’d walk away from a new-build home.