It's the age old question that's plagued San Franciscans since the dawn of time: Old house or new house? During the recent boom, prices for new homes increased (as they tend to do), but now that the market is slowing down, developers are responding with lower prices — bringing the average cost of a new home down to 10% below that of a comparable existing house. Says Joseph Perkins, president and CEO of the HBANC (Home Buildings Association of Northern California, obvs):
"New housing is a better deal for prospective home buyers because builders are responsive to the marketplace, whereas some sellers still haven't responded to the marketplace and they're trying to sell their homes for prices from two years ago. But home builders need to move inventory and get on to the next project."Lest you get optimistic and scrap plans to purchase that old vic you've had your eye on, the Chron article breaks the news that "there are no deals in the Bay Area." In the end, prices will probably equal out soon and it all comes back down to a personal choice. What kind of home and — perhaps more importantly — what kind of nabe do you want to live in?
· Old Home, New Home: What's the Better Value? [SF Gate]